Pakistan’s oil marketing companies (OMCs) recorded sales of 1.58 million tons in November 2024, marking a 15 percent year-on-year (YoY) increase, according to a report by Topline Securities. This is the highest monthly sales volume recorded in the past 25 months, driven by improved macroeconomic stability and a reduction in smuggling.

High-speed diesel (HSD) sales reached a 30-month high, supported by lower YoY prices and improved economic conditions. Meanwhile, the offtake of motor spirit (MS) petrol rose by 17 percent YoY, reaching 0.6 million tons in November 2024. Furnace oil (FO) sales also saw a significant increase, rising 19 percent YoY to 1.54 million tons. For the first five months of FY25 (5MFY25), FO sales totaled 6.45 million tons, reflecting an 8 percent YoY growth.

On a month-on-month (MoM) basis, petroleum sales increased by 6 percent in November 2024. HSD offtake saw the largest MoM growth, rising by 15 percent, while FO dispatches increased by 7 percent. However, MS sales remained unchanged compared to the previous month.

During 5MFY25, total petroleum product sales rose by 5 percent YoY to 6.75 million tons, compared to 6.45 million tons during the same period last year.

Company-Wise Performance
Pakistan State Oil (PSO) recorded a 12 percent YoY increase in sales, reaching 0.79 million tons in November 2024. PSO’s MS sales grew by 15 percent YoY, while its FO dispatches declined sharply by 83 percent YoY. Shell Pakistan Limited (SHEL) also posted a 12 percent YoY increase in sales during the month.

Attock Petroleum Limited (APL) and Hascol Petroleum Limited (HASCOL) saw their sales improve by 8 percent and 6 percent YoY, respectively, in November 2024.

For 5MFY25, PSO and APL experienced declines in petroleum sales, with YoY drops of 4 percent and 10 percent, respectively. In contrast, SHEL and HASCOL recorded growth, with sales increasing by 6 percent and 15 percent YoY, respectively.