January 03, 2023 (MLN): Pakistan’s oil marketing companies (OMCs)’ sales declined by 19% YoY to clocks in at 9.03 million tonnes (MT) in first six months (July-December) of the fiscal year 2023.
Similarly, the total sales of Furnace Oil (FO,) High Speed Diesel (HSD), and Motor Spirit (MS) in 6MFY23 dived by 24%, 23%, and 15% YoY as compared to the same period last year.
This is the lowest monthly sales number since first COVID lockdown period of Feb-Apr 2020. FO/HSD/MS declined by 10/22/8% MoM respectively, report by topline securities noted.
On Monthly basis oil sales slipped by 14% MoM, and 11% YoY as compared to 1.51 MT in December 2021, the decrease is sales is owing to seasonal trend of slowdown in December, lower demand of FO for power generation, and overall slowdown in the economy.
Product-wise, the sales of MS depicted a fall of 11% YoY, to clock in at 0.62MTs as compared to 0.70MTs in December 2021.
While HSD volumes moved down by 15% YoY, to settle at 0.52 MTs in December 2022. Meanwhile, FO sales volumes dropped by 3% YoY to stand at 0.12MTs.
On monthly basis, volumes of HSD, FO, and MS witnessed a reduction of 22%, 10%, and 8% MoM, respectively.
Company-wise analysis showed that the sales of HASCOL Petroleum Limited inched up by 6% MoM in December 2022. On the other hand, sales depicted a decrease of 16% YoY as compared to same month last year.
While the sales of Pakistan State Oil (PSO) dropped by 23% MoM to stood at 0.63MTs in December 2022, on yearly basis the sales declined by 9% YoY as compared to 0.69MTs in December 2021.
Attock Petroleum (APL) witnessed a decline of 16% YoY and 9% MoM to 0.12MTs in December 2022.
Meanwhile, Shell Pakistan (SHEL) reported a 18% YoY and 4% MoM drop in sales to 0.11MTs in the review period.
During 6MFY23, the total sales by PSO, APL, SHEL and HASCOL stood at 4.64MTs, 0.83MTs, 0.68 and 0.16MTs, showing a plunge of 17% YoY, 21% YoY, 22% YoY, and 5% YoY, respectively.
Copyright Mettis Link News
Posted on: 2023-01-03T10:42:48+05:00
