PSO, Shell, and Attock all suffer as petroleum sales decline.

Pakistan’s petroleum sales fell 46 percent year on year (YoY) to 1.17 million tonnes in April 2023, compared to 2.18 million tonnes in April 2022.

According to Arif Habib Limited (AHL), total sales volume in July-April 2022-23 (10MFY23) fell by 24% year on year to 13.97 million tonnes.

During the month of Apr’23 the OMC industry sales declined by 46% YoY, while witnessing an increase of 6% MoM to 1.17mn tons. With this, the total sales arrived at 13.97mn tons during 10MFY23, down by 24% YoY.@Pakstockexgltd#OGRA #PSO #APL #SHEL #AHL pic.twitter.com/WNDB0bjdJB

— Arif Habib Limited (@ArifHabibLtd) May 3, 2023

Furnace Oil (FO) sales fell by 83 percent year on year in April, while High-Speed Diesel (HSD) sales fell by 50 percent year on year. Motor Spirit (MS) sales were also down 24 percent year on year.

On a month-over-month (MoM) basis, overall fuel sales increased by 6%.

10-Month Figures

MS petrol sales fell 17 percent year on year during the first ten months of the fiscal year 2022-23 (FY23), reaching 6.17 million tonnes. HSD sales were hit the hardest, falling by 28% year on year, while FO sails fell by 40% year on year.

Company-Wise Sales

According to the company analysis, Pakistan State Oil (PSO) sales fell by 53% year on year in April 2023. MS sales fell 22 percent year on year under the government-run entity, reaching 0.34 million tonnes. HSD sales fell by 52% year on year, while FO sales fell by 98% year on year. Meanwhile, overall PSO sales volume fell by 25% year on year to 7.06 million tonnes in 10MFY23.

Attock Petroleum Ltd. (APL) sales decreased by 31% year on year in April 2023, owing to decreases in FO, HSD, and MS sales of 35%, 44%, and 14%, respectively. Overall sales fell by 22% from July to April of FY23 due to lower demand for MS, HSD, and FO.

Shell’s offtake fell by 43 percent year on year in April 2023, as HSD and MS sales fell by 60 percent and 28 percent, respectively. Overall offtake fell by 25% year on year in 10MFY23 due to low MS and HSD sales.

In contrast, HASCOL’s sales increased by 308 percent year on year in April. MS sales increased by 419 percent year on year, reaching 0.01 million tonnes, while HSD sales increased by 137 percent year on year. For the ten months ending April 30th, 2022-23, the company’s sales increased by 19% year on year to 0.29 million tonnes.

Overall oil sales in FY23 may fall by about 25% year on year, owing to the overall slowing of the economy. Demand will continue to be stifled as a result of high inflation and the government’s inability to provide any relief to consumers.

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