Attock Petroleum leads sales surge in Pakistan

In May 2024, Pakistan witnessed a notable increase in the sales of petroleum products, marking a positive trend in the industry. The total sales reached a 9-month high of 1.39 million tons, showing a 7% growth compared to the previous year. This surge was primarily fueled by a substantial 18% rise in diesel sales, which hit 643,000 tons, driven by factors such as the harvesting season and a decline in prices.

However, despite this monthly upswing, the overall sales of petroleum products for the fiscal year 2024's first 11 months experienced a 9% decline, totaling 13.8 million tons. Motor Spirit (MS) sales saw a modest 1% increase to 607,000 tons, while Furnace Oil (FO) sales plummeted by 29% to 69,000 tons, attributed to decreased power generation from FO-based plants.

Among the leading companies in the sector, Attock Petroleum (APL) stood out with a 14% year-on-year and 42% month-on-month sales increase, mainly due to a surge in High-Speed Diesel (HSD) sales. Pakistan State Oil (PSO) also reported an 11% year-on-year growth, reaching 665,000 tons in May 2024. Shell Pakistan (SHEL) recorded a 13% year-on-year rise to 100,000 tons, while HASCOL's sales reached 41,000 tons, marking a significant 51% month-on-month increase.

Overall, the market shares of these companies experienced slight fluctuations in May 2024. APL's market share in HSD rose to 9.8%, while PSO's market share in HSD and MS decreased. Shell's market share remained stable in both MS and HSD, and HASCOL saw improvements in market share for both MS and HSD during the same period.

The petroleum product sales in Pakistan for May 2024 showcased a mix of growth and decline, reflecting the dynamic nature of the industry. While certain factors like seasonal variations and pricing strategies influenced the sales figures, companies like APL, PSO, Shell, and HASCOL demonstrated resilience and adaptability in the market. Moving forward, monitoring these trends will be crucial for stakeholders to make informed decisions and navigate the evolving landscape of the petroleum sector.