Pakistan’s oil sales slide to multi year lows in Aug-19

KARACHI: Pakistan’s overall petroleum products sales plummeted by over 4.0% YoY and as much as 20% MoM to 1.29mn tons in Aug-19, a level not seen at least since Jul-2009.

Motor Spirit (MS) sales have grown at a miserly CAGR of 1.2% over the past 10 years; on the other hand, High Speed Diesel (HSD) sales are perilously close to a decade low.

Despite plummeting industry demand, Pakistan State Oil (PSO) managed to increase its sales by 25% YoY while all other players experienced dented sales.

Motor Spirit now accounts for nearly 49% of the total petroleum, oil, lubricants (POL) sales while the share of High speed Diesel (HSD) has fallen to 32%. Furnace Oil (FO) only accounted for 14% of the totaling.