Oil sales down 32%, Furnace Oil down 22% in Nov 2018
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KARACHI: Pakistan oil sales slipped to its more than a decade low by posting 32 per cent Year-on-Year (YoY) decline to 7.7 million tons during last five months of current fiscal year 2018-19.
Product wise HSD sales declined by 21 per cent YoY in July-Nov 2018-19, MS oil -2 per cent (9-Year low) and Furnace Oil (FO) -68 per cent YoY.
During Nov 2018, oil sales clocked in at 1.3 million tons (around 11 years low), down 32 per cent YoY mainly dragged by FO (-67% YoY). Excluding FO, oil sales plunged by 22 per cent YoY. Steep decline in FO was on back of slower off-take from domestic refineries reportedly and shift of national energy mix to other alternatives like RLNG and Coal.
In white oil segment, Motor Spirit (MS) and Hi Speed Diesel (HSD) both witnessed decline of 5 per cent and 31 per cent YoY respectively during Nov 2018, with former due to increase in MS prices by 29 per cent YoY and squeezed consumers pockets amid higher inflation. While latter showed decline due to its smuggling from Iran coupled with increase in HSD prices by 34 per cent YoY.
Among companies, PSO witnessed sharp decline of 34 per cent YoY in HSD/MS sales cumulatively to 411,000 tons followed by HASCOL 32 per cent YoY to 122,000 tons and SHEL 20 per cent to 106,000 tons. Whereas, APL outperformed peers by posting growth of +1% YoY to 115,000 tons.
APL market share averaged at 9.2 per cent during Nov 2018, up by 1.3ppts in MS sales, while PSO, HASCOL, and SHEL dropped by 5.8ppts, 2.6ppts and 1ppt YoY respectively.
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