Oil sales up by 22pc in July-August – Newspaper

KARACHI: Pakistan’s total oil sales grew 22 percent in July-August 2021 to 3.9 million tons from 1.97 million tons in the same period last year.

Blast furnace oil sales saw the highest increase from 63 percent in August to 508,000 tons and 59 percent in July-August to 878,000 tons, led by rising liquefied natural gas (LNG) prices in the international market.

Due to the shortage of LNG in the international market, furnace oil was an alternative fuel to furnace oil, said Umair Naseer of Top Line Securities.

He said sales of High Speed ​​Diesel (HSD) rose 32 percent in August to 670,000 tons from 508,000 tons in the same month last year, while sales in the 2MFY22 rose 18 percent to 1,390 million tons.

Gasoline sales rose 6 percent in August to 737,000 tons from 697,000 tons in the same month last year, while sales in July-August 2021 rose 10 percent to 1.549 million tons.

Mr. Naseer attributed the surge in gasoline and HSD sales to strong automobile sales and the surge in total oil sales to the economic recovery, as last year sales were primarily impacted by lockdowns and economic slowdowns.

Company data shows that Pakistan State Oil (PSO), Attock Petroleum Limited (APL) and Shell Pakistan Limited (SPL) have gained market share.

The PSO saw 36 percent year-over-year growth when its oil sales reached 1.0 million tons. Sales of heating oil rose 80 percent as its market share in this segment rose to 66 percent in August this year, up from 60 percent in August 2020.

APL’s oil sales rose 56 percent year over year to 0.2 million tons, while SPL sales rose 28 percent to 0.1 million tons.

Hascol saw a 76 percent decline in August 2021 as the company lost its market share from 10 percent three years ago to just 1 percent.

Posted in Dawn, September 3, 2021

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