Petroleum Sales Grew by 23% in March 2022

Pakistan’s total petroleum sales in March 2022, surged by 23 percent year-on-year (YoY) to 1.82 million tonnes compared to 1.54 million tonnes. This was revealed in a recent report published by Arif Habib Limited.

The growth in the sales has been credited to an increase in auto sales, causing higher sales of petrol (MS) and higher reliance on furnace oil (FO) for power generation.

In March 2022, petrol sales were recorded at 0.77 million tonnes, with a growth of 13 percent YoY and 15 percent MoM.

The monthly increase in March has been attributed to more working days compared to the previous month.

Similarly, a surge in the sales of other petroleum goods was also witnessed. High-Speed Diesel (HSD) sales were recorded at 0.69 million tonnes, increasing by 29 percent YoY and 17 percent MoM.

The report noticed that Furnace oil (FO) sales increased drastically due to a higher take-off by Independent Power Producers (IPPs) during March 2022. Furnace oil sales volume was recorded at 0.28 million tonnes during March 2022, registering an increase of 33 percent YoY and 27 percent MoM.

Furthermore, Pakistan State Oil (PSO) experienced the highest growth in the industry as its total petroleum sales volume increased by 38 percent YoY and 28 percent MoM, credited to higher HSD and petrol sales.

Petroleum sales surged by 15 percent during the first nine months of the current fiscal year compared to the same period last year.

According to the report, during the first nine months of the current fiscal year, the volume of petroleum sales stood at 16.26 million tonnes compared to 14.15 million tonnes during the same period last year.