Petroleum product sales in April 2024 totaled 1.10 million tons, down by 6 percent from the previous year.
Arif Habib Limited explained that this decline was due to an increase in smuggled petroleum products from Iran, a rise in MS prices, and reduced dependence on FO-based power plants. Topline Securities observed that these sales are the lowest in six months.
In April 2024, the dispatches of MS dropped by 9 percent, down to 0.53 million tons. Similarly, sales of furnace oil (FO) fell sharply by 59 percent compared to the previous year, reaching just 0.03 million tons.
However, sales volumes of high-speed diesel (HSD) increased by 2 percent year-on-year, totaling 0.47 million tons during the same period, due to a decrease in the price of HSD.
April 2024, the amount of petroleum sold went down by 4 percent compared to the month before, as mentioned earlier. Specifically, the sales of MS decreased by 7 percent compared to the previous month. Similarly, the delivery of FO dropped by 33 percent compared to the previous month. However, there was a small increase of 2 percent in the use of HSD in March 2024 compared to the previous month.
During the first ten months of the fiscal year 2024 (10MFY24), total petroleum product sales declined by 11 percent year-on-year (YoY) to 12.44 million tons, compared to 13.97 million tons in the same period last year (SPLY).
Looking at specific products, the sales of MS, HSD, and FO all decreased, with volumes reaching 5.83 million tons, 5.05 million tons, and 0.87 million tons, respectively.
On a company-wide basis, the dispatches of PSO fell by 3 percent YoY in April 2024, attributed to decreases in sales of MS, HSD, and FO by 7 percent, 4 percent, and 22 percent YoY, respectively. Similarly, sales of PSO, SHEL, APL, and HASCOL decreased by 3 percent, 7 percent, 18 percent, and 23 percent YoY, respectively, during April 2024.
In the last ten months, the sales of petroleum by APL, PSO, and SHEL went down by 5 percent, 12 percent, and 15 percent compared to the same time last year. However, HASCOL’s sales went up by 5 percent compared to last year.
In the same period, PSO’s portion of the market decreased by 0.5 percent to 50.1 percent from 50.5 percent last year. SHEL’s market share also decreased by 0.4 percent to 7.3 percent this year. On the other hand, APL and HASCOL increased their market shares to 10.0 percent and 2.5 percent, respectively.
Other companies selling petroleum kept their market share steady at 30.2 percent during this period.