Pakistan Oil sales down 16% in January 2019

KARACHI:  Oil sales of the Pakistani Oil Marketing Companies (OMCs) went down by 16 per cent year-on-year in January 2019.

The analyst said the monthly decline is due to slowdown in economic activities, inflationary pressure and smuggling of diesel from Iran.

Product wise, HSD was down 25 per cent YoY while petrol sales was marginally up by 2 per cent YoY after posting decline for 3 consecutive months.

Furnace Oil (FO) was at its highest monthly sales of 2018-19 despite posting decline of 15 per cent YoY. Compared to last month, FO was up 60 per cent MoM. Cumulatively during seven-month 2018-19,

FO was down 62 per cent amidst its lower usage in power generation after availability of relatively cheaper fuel sources like coal and RLNG.

Among Companies, Hascol attained market share of 14 per cent in overall volumes after witnessing depressed performance where its market share averaged 8-11 per cent for last few months.

In Dec 2018 Hascol market share fell to 8 per cent amidst higher discounts offerings by its competitors.

For seven months 2018-19, oil sales came down by 30 per cent YoY amidst aforementioned reasons. Product wise, HSD was down 22 per cent YoY while, MS Oil sales witnessed fall of 2 per cent after posting positive growth for a decade.

 

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