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News Line
Oil Sales Plunge 32pc

KARACHI: Pakistanís overall oil sales plunged by 32 per cent to 9.179 million tonnes in 1HFY19, led by a 67pc decline in furnace oil sales to 1.454m tonnes.

High speed diesel (HSD) recorded the second largest fall of 22pc to 3.170m tonnes due to availability of smuggled Iranian diesel and slowdown in economy.

Petrol sales during 1HFY19 edged lower by 2pc to 3.661m tonnes after posting growth for nine consecutive years. Shankar Talreja of Topline Securities attributed this decrease to the rise in petrol prices by around 24pc.

Company wise, Pakistan State Oil remained the worst performer with a drop of around 50pc in sales volume to 7.400m tonnes during IHFY19, followed by Hascolís 1.429m tonnes (down 25pc).

Meanwhile, sales of Attock Petroleum grew 9pc year-on-year to 1.065m tonnes while those of Shell Pakistan shrank by 12pc to 843,000 tonnes.

According to Shajar Capital, sales of oil marketing companies during 2018 came down by 21pc to 20.4m tonnes, from 25.75m tonnes in 2017 due to a 50pc plunge in furnace oil sales to 4.33m tonnes, from 8.70m tonnes.

In 2018, petrol sales inched up 2.6pc to 7.28m tonnes while diesel sales declined 10pc to 7.98m tonnes.

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