Petroleum sales rise 6pc in first quarter

KARACHI: Petroleum product sales rose 6.0 per cent in the first quarter of the current financial year, driven by stronger economic activity and tighter checks on smuggled fuel.

Industry data released on Wednesday showed oil sales climbing to 3.89 million tonnes in July-September, compared with 3.68 million tonnes in the same period last year.

Petrol sales were up 5.0 per cent year-on-year, while High Speed Diesel (HSD) posted robust growth of 15 per cent. Furnace oil (FO) sales, however, plunged 78 percent during the quarter due to declining consumption following the imposition of a petroleum levy and climate support levy in the federal budget.

In August alone, petroleum sales rose 5.0 per cent year-on-year to 1.37 million tonnes, compared with 1.3 million tonnes a year earlier. Sales also grew 8 percent month-on-month. Petrol sales increased 1.0 per cent in August, while HSD surged 13 per cent. FO sales fell 29 per cent compared to the same month last year.

Among oil marketing companies (OMCs), Pakistan State Oil (PSO) posted flat sales for the quarter, though August volumes rose 4.0 per cent. PSO’s FO sales plunged 86 percent, while HSD and petrol sales increased 6.0 per cent and 1.0 per cent, respectively.

Attock Petroleum Limited (APL) saw sales dip 1 percent in the quarter, but registered a 3 percent increase in August. Its FO sales dropped 73 per cent, while HSD and petrol rose 12 per cent and 3.0 per cent, respectively.

WAFI recorded a strong 31 per cent jump in sales during the first quarter, along with 9 percent growth in August. Hascol reported a 5.0 per cent increase in the quarter and 3 percent in August.