Islamabad, Sep 3: In August 2024, the sales of Pakistan’s Oil Marketing Companies (OMCs) amounted to 1.21 million tons.
In contrast to July, which was impacted by the Muharram Holidays, this indicates a 2 percent MOM increase due to a full working month and a 14 percent YoY decline because of the monsoon season, according to a review from Topline Securities.
Compared to 2.8 million tons in 2MFY24, the overall sales for 2MFY25 were 2.4 million tons, a YoY decrease of 12%.
Sales of excluding furnace oil (Ex-FO) were 1.2 million tons in August 2024, indicating a YoY decline of 11% but a MoM increase of 3%. Ex-FO sales for 2MFY25 came to 2.3 million tons, a 9% YoY decrease.
In terms of products, Motor Spirit (MS) sales decreased 7% YoY but increased 6% MoM to 625,000 tons in August 2024. This resulted from the drop in gas prices, which went from Rs. 14.64 per litre to Rs. 260.96 per litre, as well as the return to normalcy brought about by the start of the school year and the previously mentioned circumstances.
YoY and MoM declines in High-Speed Diesel (HSD) were 17% and 2%, respectively. The monsoon season is what causes the fall. Sales of FO in August 2024 decreased by 17% MoM and 45% YoY to 65,000 tons. Reduced electricity generation from FO-based power plants is the cause of this decline.
Company wise
Sales for Attock Petroleum (APL), one of the listed companies, were 114,000 tons in August 2024, a 24 percent YoY decline driven mainly by a 63 percent YoY decline in FO sales and a 12 percent MoM increase as a result of a 37 percent increase in FO sales.
The total market share of PSOS has decreased from 46% in July 2024 to 43% in August 2024. Pakistan State Oil (PSO) saw a decline of 27% YoY and 3% MoM to 528,000 tons in August 2024. PSO’s market share in HSD and MS was 44.1 percent and 40.3 percent, respectively, down 192bps and 102bps MoM in August 2024.
Shell Pakistan (SHEL) saw a YoY decrease of 6% and a MoM increase of 7% to 92,000 tons. Sales of HASCOL totaled 42,000 tons, an increase of 18% YoY and 9% MoM.
The Petroleum Development Levy (PDL) collection target of Rs. 1.28 trillion was set by the federal government for FY25; of that amount, Rs. 166 billion (or 13 percent) had been collected in 2MFY25.
