Pakistan’s oil sales increased by 18 percent year over year in FY2021 and registered at 19.4 million tons, according to a research report by the brokerage house Topline Securities.

This shows a sharp recovery from last year when the oil sales had dipped by 12 percent due to the pandemic-induced lockdowns.

The sales of Motor Spirit (MS) showed a 12 percent increase to 8.2 million tons that was driven by recovering economy and rising sales of cars and bikes. The sales of High Speed Diesel (HSD) showed 16 percent growth year-over-year (YoY) at 7.7 million tons. The sales of Furnace Oil (FO) increased by 53 percent YoY to nearly 3 million tons.

On a monthly comparison, the total sales of oil in Pakistan increased by 15 percent in June 2021 as compared to June 2020, and showed an increase of 4 percent as compared to last May.

PSO remained a dominant player in the FO business and increased its market share to 46 percent. Its sales were registered at 858,000 tons in June 2021, which is the highest monthly sales figure recorded by PSO in FY2021.

The report also revealed that Shell had posted an increase of 35 percent in its sales, while HASCOL’s sales had dropped in FY2021.

Source: Pro Pakistani