Another side for the Pakistani automotive industry is shining bright and scoring big numbers. As per a recent report, the sale of petroleum products summed up to 1.692 million tons in the month of May. Out of which, petrol sales hit a record high of 731,000 tons, posting a year-over-year increase of 15%. Here are the details.
Monthly Sales Breakdown
Out of total sales recorded in May 2021, the share of Diesel was 761,000 tons, and the share of Furnace Oil was 168,000 tons.
In the first 11 months of the current fiscal year (July’20 – Jun’21), total sales amounted to 17.517 million metric tons with 7.460 million metric tons of petrol, 6.924 million metric tons of Diesel, and 2.649 million metric tons of furnace oil.
Factors Behind the Record Petroleum Sales
As per the analyst reports by Ismail Iqbal Securities and Topline Securities, the growth of petroleum sales in Pakistan is because of:
- Resumption of economic activities in the country,
- Healthier energy generation,
- Improved car sales,
- The ongoing harvest season.
Thanks to the above factors, petroleum sales are likely to continue to grow in the coming months.
Market Share of Oil Marketing Companies
According to the Topline Securities report, the market share of different oil marketing companies also increased on a monthly basis. APL’s hold on the market improved from 8.1% in April 2021 to 8.5% in May 2021. Likewise, HASCOL registered a notable improvement from a 2% market share in April to a 3.5% share in May.
However, on a yearly comparison, all companies except PSO saw their market share drop. During the 11 months of the current fiscal year, PSO increased its share from 43% to 46%. The shares of other companies, APL, Shell, and HASCOL, got down by 8.8%, 7.9%, and 4.1%, respectively.
Check out the petrol and diesel prices in Pakistan today, and let us know what you think about the record-breaking petrol sales in May. Good day!
