Petroleum Sales Increase by 5% in March 2025

Pakistan’s Oil Marketing Companies (OMCs) recorded sales of 1.2 million tons in March 2025, up 5 percent year-on-year and 7 percent month-on-month. According to Topline Securities, the month-on-month rise was due to a low base effect, while the year-on-year increase was supported by lower petrol and diesel prices compared to last year. This takes total sales for the first nine months of FY2025 to 11.77 million tons, reflecting a 4 percent year-on-year increase compared to 11.34 million tons in the first nine months of FY2024. Excluding Furnace Oil (FO), sales in March 2025 were 1.16 million tons, reflecting a 5 percent year-on-year and 7 percent month-on-month rise. For the first nine months of FY2025, Ex-FO sales totaled 11.25 million tons, a 7 percent year-on-year rise. Motor Spirit (MS) sales saw a 1 percent year-on-year and 4 percent month-on-month rise to 577,000 tons in March 2025. Similarly, High-Speed Diesel (HSD) sales rose by 5 percent year-on-year and 14 percent month-on-month to 487,000 tons. Furnace Oil (FO) sales for March 2025 rose 22 percent year-on-year and 29 percent month-on-month to 54,000 tons. High-Octane Blending Component (HOBC) sales continued to rise, hitting another all-time high of 35,000 tons. This surge was driven by discounted prices at selected petrol stations and a lower Petroleum Development Levy (PDL). However, the PDL on HOBC increased by Rs. 20 per litre, effective April. Among listed entities, Attock Petroleum (APL) sales stood at 105,000 tons in March 2025, up 2 percent year-on-year and 3 percent month-on-month, primarily due to an 11 percent year-on-year and 14 percent month-on-month rise in HSD sales. APL’s market share stood at 8.48 percent in MS and 8.97 percent in HSD, up 5 basis points and 1 basis point from February 2025, respectively. Pakistan State Oil (PSO) saw a fall of 14 percent year-on-year while up 9 percent month-on-month to 510,000 tons in March 2025. PSO’s market share in HSD and MS clocked in at 38.92 percent and 43.08 percent, up 148 basis points and 29 basis points month-on-month, respectively, in March 2025. PSO’s overall market share rose to 41.87 percent in March 2025, up 55 basis points from February 2025. Wafi Energy Pakistan Limited (WAFI) saw a fall of 79 percent year-on-year while up 5 percent month-on-month to 88,000 tons. HASCOL sales clocked in at 50,000 tons, up 95 percent year-on-year and 16 percent month-on-month. The government has set a Petroleum Development Levy (PDL) collection target of Rs. 1.28 trillion for FY2025, of which Rs. 817 billion (64 percent) has been collected in the first nine months of FY2025, we estimate.