The petroleum products sale registered a growth of 19 per cent on a year-on-year basis to reach 1.80 million tonnes in January 2022, a report issued by Arif Habib Limited showed.
On a month-on-month basis, the sales of petroleum products showed a growth of 20 per cent, it added.
The growth in sales is attributable to the massive growth in automobile sales resulting in higher demand of motor spirit (MS), along with the reliance of majority of the industries on high speed diesel (HSD) based captive power generation due to shortage of gas and regasified liquefied natural gas (RLNG).
The higher HSD demand from the agriculture sector, and improvement in the economic activity also contributed to the growth in the sales.
MS reported a growth of 17 per cent on a year-on-year basis and 6 per cent increase on a month-on-month basis, settling at 0.74 million tonnes in January 2022.
Similarly, HSD volumes depicted a surge of 36 per cent on a year-on-year basis and 20 per cent on a month-on-month basis, clocking-in at 0.74 million tonnes during the month under review.
Furnace Oil (FO) sales volumes declined 11 per cent on a year-on-year basis as it was recorded at 0.26 million tonnes, whereas on a month-on-month basis, FO offtake witnessed a jump of 103 per cent mainly attributable to higher demand from the Independent Power Producers (IPPs).
During the first seven months of fiscal year 2022, the sales of total petroleum products climbed up 15 per cent on a year-on-year basis to 12.91 million tonnes, compared to 11.27 million tonnes during the same period last year.
The product wise data revealed that double digit growth was witnessed in all categories, as MS offtake surged to 5.26 million tonnes, HSD to 5.10 million tonnes and FO ascended to 2.16 million tonnes.
The Pakistan State Oil (PSO) posted a growth of 24 per cent on a year-on-year basis in January 2022, mainly attributed to the sales growth of HSD and MS by 64 per cent and 22 per cent on year-on-year basis, respectively.
The PSO was followed by APL posting a growth of 20 per cent and SHEL portraying a growth of 12 per cent on a year-on-year basis. However, Hascol’s offtake plunged 57 per cent on a year-on-year basis due to significant decline in the MS and HSD volumes.
During the first seven months of FY22, the PSO’s market share went up 4 per cent on a year-on-year basis. Likewise, the market share of APL and Shel remained unchanged at 9 per cent and 8 per cent, respectively, whereas, the market share of Hascol and other OMCs dropped 3 per cent and 1 per cent on a year-on-year basis, respectively.
