Pakistan’s total petroleum sales during February 2022 were recorded at 1.54 million tons, with a growth of 10 percent on a year-on-year (YoY) basis, according to a report published by Arif Habib Limited.
During February 2022, petrol (MS) sales increased by 4 percent YoY and were recorded at 0.65 million tons. The sales of high-speed diesel (HSD) increased by 8 percent YoY and stood at 0.59 million tons during this time period. Similarly, the sales of Furnace Oil (FO) increased by 28 percent YoY and were recorded at 0.22 million tons in February 2022.
The growth in petroleum sales has been credited to higher sales of automobiles due to which the consumption of petrol has increased. In addition, the growth has also been credited to higher reliance on FO-based plants, better agriculture yields resulting in higher consumption of HSD and improvement in economic activity.
During the first eight months of the current fiscal year (8MFY22), petroleum sales were recorded at 14.4 million tons, increasing by 14 percent from 12.67 million tons in the first eight months of the previous fiscal year, revealed a report published by Arif Habib Limited.
The growth in petroleum sales was observed due to double-digit growth in sales of petrol (MS), high-speed diesel (HSD), and Furnace Oil (FO). The offtake of petrol stood at 5.91 million tons, whereas, the offtake of HSD and FO was recorded at 5.69 million tons and 2.39 million tonnes, respectively.
However, petroleum sales declined by 15 percent on monthly basis. The petrol sales declined by 12 percent, HSD by 20 percent and FO by 13 percent on a month-on-month (MoM) basis in February 2022.
The decline on monthly basis was caused by fewer working days in February compared to January, a decline in FO-based power generation, and higher prices of petrol and HSD compared to the previous month.
Pakistan State Oil (PSO) recorded the biggest growth of sales in the industry with an increase of 23 percent. The petroleum sales of PSO increased from 5.84 million tons in the first eight months of the previous fiscal year to 7.18 million tons in the same period this year.
