Petroleum Sales Rise by 10% in May Due to High Diesel Demand

Pakistan’s Oil Marketing Companies (OMCs) recorded sales of 1.53 million tons in May 2025, up 10 percent YoY and 5 percent MoM. According to Topline Securities, the rise was driven by a combination of lower petrol and diesel prices, a seasonal rise in demand for High-Speed Diesel (HSD) from wheat harvesting, reduced smuggling, and improved economic activity. This takes total sales for 11MFY25 to 14.76 million tons, reflecting a 7 percent YoY increase compared to 13.83 million tons in 11MFY24. Excluding Furnace Oil (FO) sales, in May 2025, were 1.45 million tons, reflecting a 10 percent YoY and 6 percent MoM rise. For 11MFY25, Ex-FO sales totaled 14.08 million tons, a 9 percent YoY rise. Motor Spirit (MS) sales saw a 15 percent YoY and 6 percent MoM increase to 700k tons in May 2025. Similarly, HSD sales rose 5 percent YoY and 8 percent MoM to 672k tons. FO sales for May 2025 rose by 16 percent YoY but down 5 percent MoM to 80k tons. Among the listed entities, Attock Petroleum (APL) sales clocked in at 137K tons in May 2025, down by 2 percent YoY but up 9 percent MoM, primarily driven by a 2 percent YoY and 30 percent MoM rise in HSD sales. APL has a market share of 8.23 percent in MS and 9.54 percent in HSD, down 3bps but up 161bps respectively in May 2025. Pakistan State Oil (PSO) saw a fall of 3 percent YoY but was up 3 percent MoM to 642K tons in May 2025. PSO’s market share in HSD and MS clocked in at 44.21 percent and 40.47 percent, down 32 bps and 99 bps MoM, respectively, in May 2025. PSOs’ overall market share fell from 42.78 percent in Apr 2025 to 41.91 percent in May 2025, down 87bps, primarily led by a decrease in MS market share. Wafi Energy Pakistan Limited (WAFI) recorded sales of 123k tons in May 2025, up 23 percent YoY and MoM, marking a ~2.5-year high. While HASCOL’s sales rose to a ~2-year high of 54k tons, up 31 percent YoY and 13 percent MoM. The government has set a Petroleum Development Levy (PDL) collection target of Rs. 1.28 trillion for FY25, of which Rs. 1.08 billion (84 percent) has been collected in 11MFY25.