Karachi: The oil marketing companies (OMC) reported a sales volume of 1.3 million tons in September 2024, reflecting a 20% year-on-year (YoY) and 5% month-on-month (MoM) increase. The growth is attributed to a lower base, as petroleum prices surged significantly during the same period last year, impacting sales.

According to JS Global, the cumulative OMC sales for the first quarter of FY25 were 3% lower compared to the same period last year. The rise in sales for September followed substantial price hikes in motor spirit (MS) and high-speed diesel (HSD) in 2023, when prices increased by Rs36.7/liter and Rs37.1/liter, respectively.

Pakistan State Oil (PSO), the largest player in the market, faced pressure during this period, with its market share falling to 43% in September, down from 48% in the same month last year, and below its FY24 average of 49.4%. In contrast, HASCOL and SHELL maintained stable market shares, while Attock Petroleum Limited (APL) saw a slight decline.

The overall market showed resilience, despite PSO’s decline. However, the first-quarter sales for FY25 were notably down by 3% on a YoY basis, adding pressure to the Petroleum Development Levy (PDL) targets.