Pakistan Oil Marketing: Aug 2018 oil sales down by 46% YoY
- Pakistan’s monthly oil sales volume touched 7-year low during Aug 2018 to 1.35mn tons, down by 46% YoY. Volumes decline due to steep fall in Furnace Oil (FO) sales by 79% YoY to 191k tons amid its reduced usage in power sector after availability of substitute (RLNG). Excluding FO, volumes saw decline of 27% YoY due to lesser working days in outgoing month amid EID holidays coupled with double digit growth in petroleum prices.
- HSD sales volume touched nearly 4 years low at 493k tons, down by 38% YoY due to increase in diesel prices by 46% YoY to Rs113/liter. 2MFY18 sales volume of HSD was down by 30% YoY to 1.1mn tons.
- Among companies, APL outperformed its peers by positing a meagre decline of 5% YoY in its volumes to 181k tons. Product wise, MS/HSD sales of APL went up by 5%/25% respectively. While, FO sales fell by 33% YoY.
- PSO remains most affected during Aug 2018 as its FO sales was down by 97% YoY, taking overall decline to 66% YoY. Excluding FO, volumes of PSO are down by 40% YoY with HSD and MS declining at 55% and 23% respectively.
- During 2MFY18, in MS oil segment, market share of PSO went down by 5ppts YoY to 37% due to increased competition from other players, while APL and SHEL gained 2ppts and 1ppt in their market shares respectively.
Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.
Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.
Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.
JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).
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