Daily Times

Sale of total petroleum products in Pakistan clocked in at 1.1 million tons in April, a decline of 6% year-on-year as compared to 1.17 million tons in the same period of the previous year, showed data released by brokerage house Topline Securities on Friday.

This is the “lowest after six months,” said the brokerage house, which comes on the back of lower petrol and Furnace Oil (FO) sales, according to the data. However, High-Speed Diesel (HSD) sales improved by 2% YoY in April 2024, amounting to 0.469 million tons, revealed Topline data. The sale of MS (petrol) fell 9% YoY, clocking in at 0.53 million tons in April. Meanwhile, volume of FO dipped significantly by 59% YoY, settling at 0.03 million tons in April 2024. “This decrease is attributed to lower power generation from FO-based power plants,” said the brokerage house. On a month-on-month basis, POL products offtake lowered by 4% during April, as compared to 1.15 million tons in March 2024. Similarly, the offtake of FO decreased by 33% MoM in April.

During the first ten months of FY24, sales of total petroleum products dropped by 11% YoY, clocking in at 12.443 million tons. Product-wise data showed a decline in all categories; the offtake of MS, HSD and FO settled at 5.83 million tons, 5.05 million tons and 0.869 million tons, respectively, reflecting a decline of 6%, 4% and 53%. Company-wise, PSO’s offtake depicted a drop of 3% YoY in April 2024, which was largely contributed by a decrease in sales of MS by 7% YoY, while HSD sales also registered a drop of 4% YoY. Moreover, FO sales of PSO lowered by 22% YoY.