Advertisement

Oil sales go up by 57% in April

Pakistan’s oil sales rose by 57 percent to 1.67 million tons in April 2021 from 1.07 million tons in April 2020.

Print Friendly, PDF & Email

Data issued by Oil Companies Advisory Committee (OCAC) on Tuesday showed that total petroleum products sales increased 57 percent to 1.672 million tons during April 2021 against 1.068 million tons recorded during April 2020.

On a monthly basis, oil marketing companies’ (OMCs) off-take rose by 13 percent along with a sharp increase in High-Speed Diesel (HSD) sales.

Total Motor spirit (MS) off-take increased 13 percent to 6.729 million tons during 10MFY21 largely supported by higher vehicle sales, relatively lenient Covid-19 restrictions, and increased inter-city transport.

However, on a monthly basis, MS off-take fell 2.0 percent to 671,000 tons primarily because of re-implementation of stricter restrictions, including closure of educational institutions, owing to the third Covid wave.

With a share of with a share of 45 percent, Pakistan State Oil (PSO) emerged as the market leader in MS.

Total HSD sales picked rose 20 percent to 6.159 million tons during 10MFY21 supported by recovering economic activity evidenced by high LSM growth and action against smuggled petroleum which led to 2,000 illegal pumps being sealed.

On a monthly basis, HSD sales went up 47 percent to 786,000 tons because of the wheat harvest season and with a share of 48 percent during April 2021, PSO emerged as the market leader in the commodity.

Read More: Mari Petroleum secures oil & gas exploration licenses over two blocks

Fuel Oil (FO) sales increased 48 percent to 2.479 million tons during 10MFY21 due to increased demand from FO-based power plants. Prevalent gas shortage along with FO’s relatively lower price, resulted in increased demand for the commodity from both the national power plants and private-sector captive plants.

On a monthly basis, FO sales went down 36 percent to 176,000 tons during April 2021, as domestic FO prices rose concurrently with the global oil prices and the national gas supply likely normalized once the warmer weather commenced. PSO emerged as the market leader in the commodity with a share of 43 percent during April 2021.

Latest