Petroleum Sales Drop By 11% in Nine Months of FY24

Petroleum Sales Drop By 11% in Nine Months of FY24. In the first nine months of FY24, the total sale of petroleum products decreased by 11 percent compared to the same period last year, amounting to 11.34 million tons as opposed to 12.80 million tons in the previous year.

Data categorized by product shows a decline in all areas, with sales volumes of Motor Spirit (MS), High-Speed Diesel (HSD), and Furnace Oil (FO) reaching 5.30 million tons, 4.58 million tons, and 0.84 million tons, respectively.

Petroleum Sales Drop By 11% in Nine Months of FY24

Petroleum Sales Drop By 11% in Nine Months of FY24

In March 2024, total petroleum product dispatches amounted to 1.15 million tons, reflecting a 4 percent increase year-on-year. This increase is attributed to a slight recovery in economic activities and a decrease in the smuggling of petroleum products from Iran, according to Arif Habib Limited.

Specifically, MS sales increased by 3 percent in March 2024, reaching 0.57 million tons, while HSD sales volumes surged by 17 percent year-on-year, reaching 0.46 million tons during the same period. However, FO sales plummeted by 48 percent year-on-year to 0.04 million tons in March 2024 due to reduced reliance on FO-based power plants.

Petroleum Sales Drop

Month-on-month, petroleum sales saw a 3 percent growth in March 2024 due to fewer days in February and an increasing price trend in MS. MS sales increased by 5 percent month-on-month, while HSD sales increased by 4 percent. Conversely, FO dispatches decreased by 11 percent month-on-month.

Petroleum Sales Fall 11% In FY24’S Initial Three Months

On a company-wise basis, PSO’s sales improved by 11 percent year-on-year in March 2024, driven by higher sales of MS and HSD by 13 percent and 15 percent, respectively. Conversely, sales of APL and HASCOL declined by 9 percent and 41 percent year-on-year during March 2024.

Petroleum Sales Drop 01

During the first nine months of FY24, petroleum sales of APL, PSO, and SHEL decreased by 4 percent, 13 percent, and 16 percent year-on-year, respectively. However, HASCOL showed a growth of 9 percent year-on-year during this period.

Pakistan Witnesses 11% Drop in Petroleum Sales in 9MFY24

PSO’s market share decreased by 0.6 percent to 50.0 percent in the first nine months of FY24 compared to 50.7 percent in the same period last year. Similarly, SHEL’s market share decreased by 0.4 percent to 7.3 percent year-on-year in the same period.

Read Also:PIA Shares Restructuring Plan Ahead of Shareholder Meeting

However, the market share of APL and HASCOL increased to 10.1 percent and 2.5 percent, respectively, in the first nine months of FY24. The market share of other Oil Marketing Companies (OMCs) remained stable at 30.1 percent during this period.

Waqas Anjum
I am a Pakistani blogger, I love to write educational articles. my goal is to help my Pakistani students.

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