Islamabad October 2 2024: Pakistan’s oil marketing companies (OMCs) witnessed a 20% year-over-year (YoY) rise in overall petroleum sales, reaching a total volume of 1.271 million tons in September 2024 compared to 1.058 million tons in September 2023.
On month-over-month (MoM) growth was also positive, with a 5% increase compared to August 2024, where sales stood at 1.216 million tons.
In September 2024, High-speed diesel (HSD) experienced a notable 25% YoY rise, with sales climbing to 495,000 tons compared to 394,000 tons in September 2023, alongside an 8% MoM growth. Similarly, motor gasoline (MOGAS) recorded a strong 22% YoY increase, reaching 635,000 tons in September 2024, up from 518,000 tons the previous year, though MoM growth was more moderate at 2%.
“Motor Spirit average fuel price decreased by PKR 11.9/ltr to PKR 254.1/ltr in Sep-24 due to lower Brent prices (-7.63% month on month during Sep-24) and lower crack spreads. Likewise, HSD’s avg. fuel price decreased by PKR 13.2/ltr to PKR 256.2/ltr, as a result of aforementioned reasons. The month on month improvement in volumes is likely a result of this.” states Zayan Babar Khan analyst at Optimus Capital.
During the month fuel oil (FO) sales dropped by 18% year-over-year (YoY) to 69,000 tons, down from 84,000 tons in the same month of 2023. Despite this annual decline, there was a modest month-over-month (MoM) recovery of 7%, as sales increased from 65,000 tons in August 2024.
High-octane blending component (HOBC) sales saw the highest YoY growth, surging by 94% to 15,000 tons from 8,000 tons in September 2023, with a 21% MoM increase. Jet fuel (JP) sales also grew steadily, with an 8% YoY rise to 51,000 tons and a slight 1% MoM improvement. Kerosene sales increased by 13% YoY, totaling 6,000 tons in September 2024, although there was a 13% decline in MoM performance. Lastly, light diesel oil (LDO) was the only product to show a YoY decline, with sales falling by 8% to 2,000 tons; however, there was a 10% MoM recovery compared to August 2024.
In the first quarter of FY2025, total petroleum sales amounted to 3.684 million tons, a slight 3% decline from 3.814 million tons in 1QFY24.
In the first quarter of FY2025, fuel oil (FO) sales plummeted by 39% year-over-year (YoY), falling to 211,000 tons compared to 347,000 tons in 1QFY24.
High-speed diesel (HSD) sales remained relatively stable, with a slight 1% YoY decrease to 1.415 million tons. Motor gasoline (MOGAS) sales were flat YoY, maintaining a volume of 1.851 million tons.
Both high-octane blending component (HOBC) and jet fuel (JP) experienced significant YoY growth, with increases of 50% and 6%, respectively. Kerosene sales showed positive growth, rising by 7%, while light diesel oil (LDO) also saw a 7% YoY increase, reaching 4,000 tons.
