The country’s oil sales have increased by 18pc YoY in FY21 to 19.4million tons, a sharp recovery from last year (FY20: down 12pc YoY) which was impacted due to COVID-19 linked lockdowns.
Motor Spirit (MS) sales have reached an all time high of 8.2million tons, up 12pc YoY. This was on the back of (1) increased economic activity and (2) rising car/bike sales.
Umair Naseer at Topline Securities Limited said that High Speed Diesel (HSD) sales have also increased by 16pc YoY, to reach 7.7mn tons in FY21. Furnace Oil (FO) sales have jumped up 53pc YoY in FY21 due to increased demand from FO based power plants.
In June 2021, Pakistan oil sales were up by 15pc YoY and 4pc MoM. MS sales are up 4pc YoY, while HSD sales remained similar YoY.
“FO sales are up 176pc YoY as reduction in Hydel power generation and scheduled closure of ENGRO RLNG Terminal increased the FO demand,” Naseer said.
Pakistan State Oil (PSO), being a dominant player in FO business, was able to improve its market share from 44pc in FY20 to 46pc in FY21 as the company’s oil sales increased by 23pc YoY.
“In June 2021, sales clocked in at 858k tons, up 2pc YoY – this is the highest monthly sales recorded by PSO in FY21,” he shared.
Shell Pakistan Limited (SHEL’s) sales increased by 35pc YoY, while Attock Petroleum Limited (APL) sales remained largely similar YoY during June-2021.
“Hascol Petroleum Limited (HASCOL) market share has dropped to 4.1pc in FY21 compared to 6.5pc in FY20. Similar trend was also seen in June-2021 as liquidity and financial constraints impacted the company’s operations,” he maintained.