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April Petroleum products plunges 46% amid economic downturn

May 4, 2023 at 5:56 pm | Economic Affairs

May, 03(E. A Report) —Pakistan petroleum products sales registered a decline of over 46% in April that was 1.17 million ton, amid economic slowdown and rise in prices.
Decline in sales chiefly attributed to higher petroleum prices, economic slowdown, an increase in smuggled petroleum products from Iran, and lower furnace oil (FO)-based power generation”, data shows.
FO sales nosedived by 83% year on during April, amounting to 0.07 million tons.
Sale of MS (petrol) fell 24% on year on basis , clocking in at 0.58 million tons in April. Volume of High-Speed Diesel (HSD) plunged by 50% yearly, settling at 0.46 million in April 2023.
However, on a month-on-month basis, POL products offtake witnessed an increase of 6% during April.
Volumes of MS inched up by 4%, whereas HSD offtake increased by 16%. The monthly rise comes on account of the “ongoing harvesting season resulting in higher HSD demand, and absence of heavy rainfall across the country,” data says.
Meanwhile, FO sales registered a decline of 16% MoM.
During the first ten months of FY23, sales of total petroleum products dropped by 24% YoY to 13.97 million tons compared to 18.44 million tons in the same period last year.
Product-wise data showed a decline in all categories; the offtake of MS, HSD and FO settled at 6.17 million tons, 5.28 million tons and 1.87 million tons, respectively.
Company-wise, PSO’s offtake depicted a drop of 53% YoY in April 2023, which was majorly contributed by a decrease in sales of FO by 98% year basis, while MS sales registered a decline of 22% YoY. HSD sales of PSO also plunged 52% year.
Similarly, sales of Attock Petroleum Limited (APL) and Shell Pakistan Limited (SHEL) decreased by 31% and 43% YoY, respectively, due to a fall in sales of all products.
However, Hascol Petroleum Limited (HASCOL) sales registered yan increase of 308% year.

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