Oil Marketing Companies Witness 7% Sales Surge in May 2024

In May 2024, the oil marketing companies (OMCs) saw a notable 7% rise in sales compared to the same period last year, hitting a nine-month peak of 1.39 million tonnes (MTs), up from 1.30 MTs in May 2023. This information was revealed by the Oil Companies Advisory Council (OCAC).

The month-on-month comparison showed a significant 26% surge in oil sales from April 2024, where sales stood at 1.10 MTs.

Looking at the broader picture, for the ongoing fiscal year (11MFY24), the total sales of OMCs reached 13.83 MTs. This figure reflects a 9% decline from the 15.26 MTs recorded during the same period in the previous fiscal year (11MFY23).

Oil marketing companies play a crucial role in distributing and selling oil products to consumers and businesses. The sales performance of these companies is closely monitored to gauge the demand for oil in the market and assess economic trends.

The increase in sales for May 2024 indicates a positive trend for OMCs, showing growth compared to the previous year. Despite the overall decrease in cumulative sales for the fiscal year, the recent surge in May suggests a potential recovery in demand for oil products. This data provides valuable insights into the oil industry's performance and market dynamics.