Pakistan OMCs_Oil demand slumps for 2nd month in a row!, (AKD Daily, Aug 02, 2022)
AKD Daily
Pakistan OMCs: Oil demand slumps for 2nd month in a row!
- OMC sales clocked in at 1.44mn ton for Jul’22, down 26% on YoY/MoM basis compared to 1.96mn/1.93mn tons during Jun‘22/Jul’21. Other than organic demand destruction, majority of the said fall may also be on the back of lesser working days due to Eid and harsh monsoon season during the month. This takes total industry volumes to stand at 12.9mn tons in CYTD, up 11% vs SPLY.
- PSO/APL/SHEL/GOPL delivered throughput levels of 760k/142k/100k/91k, during the month. This takes their total market shares to end the month at 53%/10%/7%/6%, respectively.
- Company wise, APL stood the most resilient as offtakes remained slightly down, 13% YoY as compared to industry’s 26%YoY fall. GOPL/SHEL took the most hammering as volumes remained lower 40%/30% YoY respectively. Overall, industry retail volumes (MS & HSD) shrunk noticeably by 32%/27% YoY/MoM respectively.
- With a second straight monthly fall in the offing, this may induce lower energy imports in the near term, in line with the Govt’s plan to keep pressure off the FX reserves. Moving forward, with overall competitive landscape improving and phasing out of furnace oil, retail fuels are expected to be the mainstay of the sector.
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