KARACHI: The oil marketing companies (OMC) sector reported sales of 1.28 million tons in December 2024, reflecting a 3% year-on-year (YoY) increase but a sharp 19% decline compared to November, attributed to seasonal fluctuations, according to Maaz Azam, Research Head at Optimus Capital Management.
In the first half of FY2024-25 (1HFY25), OMC sales rose by 4% YoY to 8.03 million tons, driven by a crackdown on smuggled Iranian fuel and significant price cuts for petrol and diesel. Notably, November 2024 saw petroleum sales soar to a 25-month high of 1.58 million tons.
For calendar year 2024 (CY24), total petroleum sales reached 15.62 million tons, reflecting a modest 2% YoY growth despite challenges like fluctuating oil prices, policy shifts, and macroeconomic instability.
Fuel-Wise Trends:
Motor Spirit (MS): December sales stood at 0.57 million tons, down 15% month-on-month (MoM) but nearly flat YoY. For 1HFY25, MS sales rose by 5% YoY to 3.75 million tons.
High-Speed Diesel (HSD): December volumes climbed 12% YoY to 0.57 million tons but dropped 27% MoM. For 1HFY25, HSD sales grew by 10% YoY to 3.46 million tons.
Furnace Oil: December sales fell by 48% YoY and 12% MoM to 0.04 million tons. For 1HFY25, volumes plunged 38% YoY, reflecting a continued decline in demand.
Company-Wise Performance:
Pakistan State Oil (PSO): December sales increased 4% YoY to 0.57 million tons but fell 28% MoM. For 1HFY25, PSO sales declined by 4% YoY to 3.69 million tons.
Attock Petroleum Limited (APL): December sales dropped 14% YoY and MoM, with 1HFY25 sales down 11% YoY to 0.69 million tons.
The December decline underscores seasonal variations, while overall 1HFY25 growth highlights the impact of regulatory efforts and price adjustments.
Story by Usman Hanif
