Oil sales down 18 per cent YoY in February 2018

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LAHORE: Pakistan’s oil sales declined by 18 per cent YoY to 1.5 million tonnes mainly on the back of a sharp drop in FO sales which declined by 26 per cent to 4.7 million tonnes amid lower demand from the power sector, according to a Topline Pakistan Reseach report.

Motor gasoline (MOGAS) sales during the month increased by 4 per cent to 0.5 million tonnes whereas High Speed Diesel (HSD) sales were down 3 per cent to 0.6 million tonnes. Sales of these retail fuel products including MOGAS and HSD remained lower than expectations as higher pump prices had a profound impact on their sales.

Hascol Petroleum (HASCOL) continued to outperform market as its market share stood at 14 per cent in February compared to 9 per cent in the same period last year. Pakistan State Oil (PSO) and Shell Pakistan (SHEL) remained laggards as their market shares dropped 41 per cent (-11 per cent YoY) and 9 per cent (-1 per cent YoY), respectively. PSO with the highest share of FO sales is mainly affected by lower FO demand amid increased RLNG imports in Pakistan.

In 8MFY18, oil sales declined by 3 per cent to 16.5 million tonnes as the drop in FO sales had a toll on overall sales volume. Oil sales excluding FO sales were up 11 per cent.

Topline Pakistan anticipates oil sales to clock in at 22.4 million tonnes in FY18, which will be 14 per cent lower compared to FY17 oil sales of 26.1 million tonnes.

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