Pakistan’s petroleum sales witnessed a sharp decline of 22 percent on a year-over-year (YoY) basis to stand at 1.5 million tons during September 2022 compared to 1.96 million tons during September 2021.
According to Topline Securities, Furnace Oil (FO) sales plummeted by 24 percent, while High-Speed Diesel (HSD) offtake slid by 26 percent on a YoY basis in September. The sales of Motor Spirit (MS) also witnessed a decline of 22 percent on a YoY basis.
— Topline Securities (@toplinesec) October 3, 2022
On a month-over-month (MoM) basis, the overall fuel sales did not vary much.
For the first quarter of the fiscal year 2022-23 (FY23), petroleum sales witnessed a decline of 23 percent on a YoY basis, reaching 4.4 million tons. HSD sales suffered the biggest blow with a decline of 30 percent on a YoY basis, while the sales of MS and FO slid by 21 and 23 percent respectively on a YoY basis in 1QFY23.
The company-wise analysis depicts that Pakistan State Oil (PSO) sales declined by 18 percent in September 2022 on a YoY basis, which was mainly owing to a plunge in the sales of FO, HSD, and MS by 12, 23, and 24 percent on YoY basis.
Similarly, the sales of Attock Petroleum Ltd. (APL) registered a significant decline of 31 percent on a YoY basis in September 2022 on the back of decreased FO, HSD, and MS sales by 67, 15, and 13 percent respectively.
Shell’s offtake declined by 22 percent on a YoY basis as the sales of HSD and MS plummeted by 28 and 15 percent respectively.
HASCOL’s sales slid by 7 percent on a YoY basis due to a 25 percent decline in sales of HSD, while MS sales grew by 4 percent on YoY basis during September 2022.