Monday, September 25, 2023

Oil sales increased 22% in July-August

Overall oil sales in Pakistan increased by 22% in July-August 2021 to 3.9 million tonnes, up from 1.97 million tonnes in the same period the previous year.

Furnace oil sales increased by 63 percent in August to 508,000 tonnes, and by 59 percent in July-August to 878,000 tonnes, owing to rising Liquefied Natural Gas (LNG) prices on the international market.

Due to a lack of LNG in the worldwide market, Umair Naseer of Top Line Securities stated that furnace oil was an alternative fuel for furnace oil.

He stated that High-Speed Diesel (HSD) sales increased by 32% in August to 670,000 tonnes from 508,000 tonnes in the same month last year, while 2MFY22 sales increased by 18% to 1.390 million tonnes.

Petrol sales increased by 6% in August to 737,000 tonnes, up from 697,000 tonnes in the same month last year, while sales in July-August 2021 increased by 10% to 1.549 million tonnes.

Mr. Naseer attributed the increase in petrol and HSD sales to robust vehicle sales, while the increase in overall oil sales was linked to economic recovery since last year’s sales were mostly hurt by lockdowns and a slowing economy.

According to company statistics, Pakistan State Oil (PSO), Attock Petroleum Limited (APL), and Shell Pakistan Limited (SPL) have increased their market share.

The PSO increased its oil sales by 36% year on year to 1.0 million tonnes. Its furnace oil sales increased by 80 percent, and its market share in this category increased to 66 percent in August this year, up from 60 percent in August 2020.

APL’s oil sales grew by 56% year on year to 0.2 million tonnes, while SPL’s sales increased by 28% to 0.1 million tonnes.

Hascol saw a 76 percent drop in August 2021, as it continued to lose market share, falling to 1 percent from 10 percent three years before.

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