In August 2022, total petroleum sales were 1.53 million tonnes, a decline of 22% year over year (YoY).
This decline, according to Arif Habib Limited (AHL), is the result of widespread flooding brought on by severe rains, decreased furnace oil-based power output, and a sharp increase in petroleum costs.
In August 2022, MS Petrol reported a 13 percent YoY decrease, arriving at 0.64 million tonnes. Similar trends were observed in High-Speed Diesel (HSD) volumes, which fell by 26% YoY to 0.50 million in August 2022. Contrarily, sales of furnace oil (FO), which were at 0.33 million tonnes at the time, fell by 35% YoY.
Oil consumption increased by 6% month over month (MoM), with prices for MS and HSD falling from July 2022 levels. Consequently, MS and HSD volumes increased by 7% and 12% MoM, respectively. FO sales did, however, experience an MoM decline of 7% in August 2022.
Sales of all petroleum products fell by 24 percent YoY during 2MFY23 to 2.97 million tonnes from 3.90 million tonnes during the same period in 2012. The offtake of MS, HSD, and FO settled at 1.23 million tonnes, 0.94 million tonnes, and 0.68 million tonnes, respectively. Product-wise data revealed a reduction in all categories.
A company-level analysis reveals that PSO saw a decline of 23% YoY in August 2022, which was primarily caused by a decline in MS, HSD, and FO sales of 13%, 29%, and 36% YoY, respectively.
Similar to how the sales of APL and SHEL fell by 23% and 19% YoY, respectively. The offtake of HASCOL increased by 78 percent YoY due to a sharp increase in MS and HSD volumes. PSO, SHEL, and HASCOL each held a 52 percent, 7 percent, and 2 percent YoY market share during 2MFY23, respectively.
In contrast, APL’s market share increased by 1% YoY to 10%. (9 percent in 2MFY22). The market share of other OMCs, meanwhile, fell from 30% in the same period of last year to 29% in 2MFY23.