Petroleum Sales Dip 11% in November Due to Higher Prices, Economic Slowdown

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Petroleum sales in the country declined by 11 percent on a year-on-year basis in November 2023 and stood at 1.37 million tons.

According to data shared by Arif Habib Limited, the reduction in sales is on account of higher prices of petroleum products, the slowdown in the economy, and a fall in demand for Furnace Oil (FO) owing to the reliance on new coal-based power plants.

The sales of petrol (MS) plummeted by 15 percent in November 2023, clocking in at 0.57 million tons. Similarly, high-speed diesel HSD sales volumes also dropped by 3 percent YoY, reaching 0.65 million tons during the same period. Whereas, furnace oil (FO) sales plunged by 40 percent YoY to 0.08 million tons in November 2023.

On a month-on-month (MoM) basis, petroleum sales reported a jump of 9 percent during November 2023. The sales of HSD depicted a growth of 16 percent MoM amid the commencement of the Rabi season which resulted in higher demand for HSD. Similarly, the offtake of FO climbed by 54 percent MoM in November 2023. However, the MS sales dropped by 2 percent MoM.

During 5MFY24, sales of total petroleum products reported a fall of 16 YoY to 6.45 million tons compared to 7.70 million tons in the same period of the previous year.

Product-wise data showed a reduction in all categories; the volumetric sales of MS, HSD, and FO clocked in at 3.00 million tons, 2.65 million tons, and 0.48 million tons, respectively.

Company-wise analysis shows that the offtake of PSO reduced by 12 percent YoY in November 2023, which is attributable to a fall in sales of MS, HSD, and FO by 10 percent, 13 percent, and 40 percent, respectively.

APL and SHEL witnessed a YoY drop of 9 percent and 19 percent, respectively, while HASCOL was an outlier with a hefty jump of 34 percent YoY increase in sales. During 5MFY24, petroleum sales of PSO, SHEL, and APL declined by 19 percent, 20 percent, and 8 percent YoY, respectively. On the contrary, HASCOL’s offtake showcased a healthy growth of 31 percent YoY in 5MFY24.

During 5MFY24, PSO’s market share dropped by 1.7 percent to 50.5 percent vis-à-vis 52.2 percent in 5MFY23. Whereas, the market share of SHEL dipped by 0.3 percent to 7.0 percent YoY in 5MFY24. Moreover, the market share of APL and HASCOL in 5MFY24 increased to 10.1 percent (9.2 percent in SPLY) and 2.7 percent (1.8 percent in SPLY), respectively. Meanwhile, the market share of other OMCS remained stable at 29.6 percent in 5MFY24.

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