The total petroleum and lubricant sales were recorded at 1.4 million tons in February 2021, according to a report by Arif Habib Limited.
This shows a double-digit growth of 26 percent year-over-year (YOY) with an eight percent decline month-over-month. The decline from January to February may be attributed to fewer working days in February as compared to January, the report said.
ALSO READ
Zoom’s Sales Grew 326% in 2020, 40% More Growth Expected in 2021
However, the growth in sales on an annual comparison may be attributed to the resilience of the economy and the ensuing demand, better agricultural yields resulting in higher sales of diesel, cheaper petrol and diesel prices, massive growth in the sales of two-wheeler, three-wheeler, and four-wheeler vehicles, the absence of CNG at fuel stations, and stricter controls at the borders to stop the supply of smuggled or dumped fuel products.
The report also highlighted that company-wise analysis showed PSO as the best performer with a 58 percent growth in sales YOY. This impact is significant enough to alter the overall trend of sales since without including petrol sales by PSO, the overall change will turn to only a five percent increase year on year. Additionally, Shell registered a growth of 33 percent YOY in February 2021.
ALSO READ
Bank Alfalah Signs Agreement with PMRC to Promote Low-Cost Housing Finance
From July 2020 to February 2021, PSO expanded its market share by 1.6 percent, despite new market entrants posing tough competition for the existing players, the report said. Newer players saw their market share expand by 2.2 percent over the time period in concern. Attock Petroleum and Shell saw their market shares drop by 1.8 percent and 1.6 percent, respectively.
