Petroleum Sales Decrease By 7% in December 2023

Pakistan recorded monthly OMC sales of 1.24 million tons down by 7 percent year-on-year (YoY) and 10 percent month-on-month (MoM) in December 2023. Ex-Furnace Oil (FO) sales clocked in at 0.08 million tons in December 2023, down 36 percent YoY and 4 percent MoM. 1HFY24 oil sales arrived at 7.68 million tons, falling by 15 percent YoY. High-Speed Diesel (HSD) sales reached 510,000 tons in December 2023, down by 2 percent YoY and 21 percent MoM. MS sales have also declined by 8 percent YoY but arrived at the same level compared to November 2023. Among listed entities, Pakistan State Oil (PSO) sales for December 2023 declined by 5 percent YoY and 17 percent MoM to 600,000 tons. Shell Pakistan (SHEL) sales declined by 18 percent YoY and 2 percent MoM to 90,000 tons. Conversely, Attock Petroleum (APL) sales increased by 6 percent YoY but showed a sharp decrease of 16 percent on an MoM basis to 30,000 tons.