Karachi: Pakistan's Oil Marketing Companies (OMCs) faced a significant downturn in sales for May 2026, with figures falling by 23% compared to the same month the previous year and 14% from the previous month. This decline comes amid rising fuel prices, which have impacted consumer demand.
According to JS Global, the total sales for the first 11 months of fiscal year 2026 reached 14.9 million tons, marking a slight 1% increase from the 14.8 million tons recorded in the same period of the previous fiscal year. When excluding furnace oil, sales in May were 1.14 million tons, reflecting a 21% year-on-year and 7% month-on-month decrease. However, the overall sales excluding furnace oil for the 11 months climbed by 2% year-on-year to 14.4 million tons.
The price surge, notably in motor spirit and diesel, contributed significantly to the sales decline. In May 2026, the average price of motor spirit reached Rs402 per liter, an increase of 59% from the previous year, while diesel prices rose by 57% to an average of Rs401 per liter.
Breaking down the sales by product, motor spirit saw a 12% year-on-year decline to 617,000 tons, with high-speed diesel sales dropping 32% year-on-year and 17% from the previous month to 455,000 tons. Furnace oil sales experienced a dramatic 64% year-on-year and 79% month-on-month decrease to 29,000 tons.
Company-specific data indicated varied performances among listed entities. Attock Petroleum reported a 30% year-on-year and 19% month-on-month decline in sales to 97,000 tons. Pakistan State Oil saw a sales reduction of 19% year-on-year and 12% month-on-month to 518,000 tons, although its market share increased by 67 basis points to 44.15%. Wafi Energy recorded a 16% year-on-year decrease to 103,000 tons, but managed a 3% month-on-month increase, making it the only company to experience a rise in monthly sales. Meanwhile, HASCOL's sales fell 37% year-on-year and 5% month-on-month to 34,000 tons.
In terms of fiscal policy, the government has set a Petroleum Development Levy collection target of Rs1.47 trillion for the fiscal year 2026, with Rs1.33 trillion, or 91%, already collected in the first 11 months, suggesting that the target is on track to be met.