March sales of petroleum products jump 4pc YoY

The total sales of petroleum products in the country increased by 4 percent on year-on-year basis to 1.15 million tons in March 2024.

“The jump in sales comes on the back of slight revival of economic activities, and reduction in smuggled petroleum products from Iran,” Muhammad Iqbal Jawaid at Arif Habib Limited said.

The sales of MS witnessed an increase of 3 percent in March 2024, clocking in at 0.57 million tons. Similarly, the sales of HSD augmented by 17 percent YoY to 0.46 million tons during this period. However, furnace oil (FO) sales plunged by 48 percent YoY to 0.04 million tons in March 2024 amid lower dependency on FO based power plants.

On a MoM basis, petroleum sales registered a growth of 3 percent during March 2024 on account of fewer days in February, and increasing price trend in MS. The sales of MS ascended by 5 percent MoM. Likewise, offtake of HSD increased by 4 percent MoM in March 2024, whereas, FO dispatches plummeted by 11 percent MoM.

During the first nine months of FY24, total sales of petroleum products reduced by 11 percent YoY to 11.34 million tons as compared to 12.80 million tons in the same period last year.