Total petroleum sales settled at 1.53 million tons in August 2022, witnessing a decrease of 22 percent Year-on-Year (YoY).
According to Arif Habib Limited (AHL), this decline is attributable to heavy rainfall across the country which led to floods, lower furnace oil-based power generation, and a massive surge in petroleum prices.
MS petrol reported a drop of 13 percent YoY arriving at 0.64 million tons in August 2022. Similarly, High-Speed Diesel (HSD) volumes decreased by 26 percent YoY clocking in at 0.50 million in August 2022. Whereas, Furnace Oil (FO) sales volumes plummeted by 35 percent YoY during the same period, reaching 0.33 million tons.
Petroleum offtake climbed up by 6 percent Month-on-Month (MoM), amid a reduction in MS and HSD prices compared to July 2022. As a result, MS and HSD volumes showed a jump of 7 percent and 12 percent MoM, respectively. However, FO sales recorded a fall of 7 percent, MoM, in August 2022.
During 2MFY23, sales of total petroleum products plunged by 24 percent YoY to 2.97 million tons compared to 3.90 million tons in the same period last year. Product-wise data showed a decline in all categories; the offtake of MS, HSD, and FO settled at 1.23 million tons, 0.94 million tons, and 0.68 million tons, respectively.
PSO Offtake Down by 23% YoY in August 2022
Company-wise analysis shows that PSO registered a drop of 23 percent YoY in August 2022 which was majorly contributed by a plunge in sales of MS, HSD, and FO by 13 percent, 29 percent, and 36 percent YoY, respectively.
Similarly, sales of APL and SHEL also plummeted by 23 percent and 19 percent YoY, respectively. HASCOL’s offtake surged by 78 percent YoY amid a massive jump in MS and HSD volumes. During 2MFY23, the market share of PSO, SHEL, and HASCOL remained unchanged at 52 percent, 7 percent, and 2 percent YoY, respectively.
Whereas, the market share of APL improved by 1 percent YoY to 10 percent (9 percent in 2MFY22). Meanwhile, the market share of other OMCs declined to 29 percent in 2MFY23 from 30 percent in the same period last year.
