According to a report by Arif Habib Limited, global petroleum sales totaled 1.41 million tones in August 2023, down 8% year over year (YoY), primarily because of a 64% YoY decline in furnace oil (FO) sales and a decrease in reliance on FO-based power generation as a result of the addition of new local coal-based power plants.
In contrast, despite the lack of severe rain compared to last year, MS and HSD sales showed increases of 5 and 11% YoY, respectively, in August 2023. Due to an uptick in fortnightly pricing trends throughout the month, petroleum sales in August 2023 saw a growth of 4% month over month (MoM).
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MS had a 2 percent MoM increase in sales, bringing the total to 0.67 million.
Similar to this, HSD offtake increased by 11% MoM and reached 0.55 million. However, as a result of the aforementioned factor, FO sales fell by 18% MoM to reach 0.12 million. Sales of all petroleum products fell by 7% YoY to 2.76 million tonnes in 2MFY24.
Product-specific data revealed rising MS and HSD sales volumes but drastically falling FO offtake. In 2MFY24, sales of MS, HSD, and FO were 1,33,000,000 tonnes, 1,04,000,000 tonnes, and 0,26,000,000 tonnes, respectively.
Company-Wise Analysis
Company-wide study showed that in August 2023, PSO’s offtake decreased by 8% YoY, principally due to an 868% YoY decline in FO sales. However, MS and HSD offtake both experienced solid YoY growth of 15% and 32%, respectively. Similar to this, sales of APL and SHEL fell by 2 and 11% YoY, respectively.
The offtake of HASCOL, meanwhile, increased by 27% YoY. During 2MFY24, the cumulative petroleum sales of PSO, SHEL, and APL declined by 10%, 9%, and 5% YoY, respectively. HASCOL’s offtake, on the other hand, showed a gain of 60% YoY in 2MFY24.
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PSO’s market share decreased from 52.3 percent in 2MFY23 to 50.9 percent in 2MFY24, a decrease of 1.4 percentage points. In contrast, SHEL’s market share decreased from 7.10% in SPLY to 6.96% YoY in 2MFY24. Additionally, APL and HASCOL saw increases in their market shares in 2MFY24, reaching 10.2% percent (10.0 percent in SPLY) and 2.9% percent (1.7 percent in SPLY), respectively.
The market share held steady at 29.0 percent by other OMCs in 2MFY24.
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