Pakistan’s oil sales in August 2021 grew to their highest level since May 2018 amid high prices of Liquified Natural Gas and post-pandemic economic recovery.
The sales increased by 26 percent year-over-year to 1.97 million tons, according to a report by Topline Securities.
The sales of furnace oil soared 63 percent year-over-year (YoY) to 0.5 million tons in August 2021 during a surge in the prices of Liquified Natural Gas (LNG) that led consumers to switch to fuel oil as an alternative.
The upswing in the sales was also driven by a resumption of economic activity after last year’s retardation due to pandemic-based restrictions.
Similarly, the sales of motor gasoline and high-speed diesel rose by six percent and 32 percent respectively YoY in August 2021, supported by strong auto sales.
The company-wise data shows that PSO, Attock Petroleum and Shell Pakistan have gained in terms of their market share.
Within company-specific data, Attock Petroleum Limited’s sales jumped by 56 percent to 0.2 million tons, while Pakistan State Oil’s sales grew by 36 percent YoY to 1 million tons.
Meanwhile, Shell Pakistan’s sales rose by 28 percent YoY to 0.1 million tons.
In contrast, the oil sales of Hascol Petroleum Ltd. slid by 76 percent to 0.02 million tons. The company’s market share is now only one percent as compared to 10 percent three years ago.
PSO’s FO’s sales have jumped by 80% as its market share in this segment improved to 66% in August 2021.