PSO, Shell and Attock Suffer as Petroleum Sales in Pakistan Take a Massive Dip
Pakistan’s petroleum sales witnessed a significant decline of 21 percent on a year-over-year (YoY) basis to stand at 1.22 million tons during February 2023 compared to 1.54 million tons during February 2022.
The total sales volume in July-February 2022-23 (8MFY23) declined by 19 percent YoY to reach 11.69 million tons, according to data by Arif Habib Limited (AHL).
Furnace Oil (FO) sales plummeted by 47 percent YoY, while High-Speed Diesel (HSD) offtake slid by 19 percent on a YoY basis in September. The sales of Motor Spirit (MS) also witnessed a decline of 15 percent YoY.
On a month-over-month (MoM) basis, the overall fuel sales showed a decline of 16 percent.
During the eight months of the financial year 2022-23 (FY23), MS petrol sales witnessed a decline of 15 percent YoY, reaching 5.03 million tons. HSD sales suffered the second biggest blow with a decline of 22 percent on a YoY basis, while FO sails slid by 28 percent YoY.
The company-wise analysis shows that Pakistan State Oil (PSO) sales declined by 19 percent YoY in February 2023. Under the government-run entity, MS sales witnessed a decline of 19 percent YoY, reaching 0.26 million tons. HSD sales declined by 13 percent on a YoY basis, while FO sales collapsed by 82 percent YoY. Meanwhile, the overall sales volume under PSO during 8MFY23 declined by 18 percent YoY to 5.95 million tons.
Sales under Attock Petroleum Ltd. (APL) registered a significant decline of 23 percent on a YoY basis in February 2023 on the back of decreased FO, HSD, and MS sales by 46 percent, 19 percent, and 15 percent, respectively. During July-February FY23, overall sales took a 20 percent hit amid stunted offtake of MS, HSD, and FO.
Shell’s offtake declined by 18 percent YoY in February 2023 as the sales of HSD and MS dipped by 27 percent and 14 percent, respectively. For 8MFY23, overall offtake dropped by 21 percent YoY on the back of low MS and HSD sales.
Conversely, HASCOL’s sales increased by 5 percent on a YoY basis. During the period in review, MS sales witnessed an increase of 5 percent YoY, reaching 0.02 million tons, while HSD sales showed a 6 percent YoY growth. The company’s sales dropped by 4 percent YoY to 0.21 million tons for the eight months that ended on February 28th, 2022-23.
Source: Pro Pakistani