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Petroleum sales drastically drop in Pakistan

In April 2024, the total sale of petroleum products in Pakistan dipped to 1.1 million tonnes, marking a 6 percent decrease from the previous year’s 1.17 million tonnes, as per data from Topline Securities. This marks the lowest level recorded in the past six months, driven by reduced demand for petrol and furnace oil (FO).

Despite the overall decline, high-speed diesel (HSD) sales showed a slight uptick, rising by 2% year-on-year to 0.469 million tonnes in April. However, the sale of petrol (MS) dropped by 9%, totaling 0.53 million tonnes, while FO sales plummeted by 59 percent to 0.03 million tonnes, attributed to decreased power generation from FO-based plants.

Month-on-month, petroleum sales declined by 4 percent compared to March 2024, with FO experiencing the most significant drop, decreasing by 33 percent in April.

For the first ten months of the fiscal year 2024, total petroleum sales dropped by 11% year-on-year, totaling 12.443 million tonnes, with decreases seen across all categories: MS, HSD, and FO.

In terms of individual company performance, Pakistan State Oil (PSO) experienced a 3% decline in April 2024 sales year-on-year, with reductions across MS, HSD, and FO. However, PSO’s market share improved from 49 percent to 51 percent compared to April 2023.

Shell Pakistan Limited (SHEL) recorded a 7 percent year-on-year decline in sales across all product categories.

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Hascol Petroleum Limited (HASCOL) saw a significant 23 percent year-on-year drop in sales, mainly due to a 42 percent reduction in MS sales.

Attock Petroleum Limited (APL) also witnessed an 18 percent decline in sales compared to April 2023.

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