Karachi: Pakistan's Oil Marketing Companies (OMCs) witnessed a complex sales landscape in September, with a 2% year-on-year decrease to 1.3 million tons, yet a 7% increase compared to the previous month. This brought first-quarter fiscal year 2027 sales to 4.1 million tons, reflecting a 6% year-on-year increase, driven primarily by higher Furnace Oil (FO) sales amid changes in the power generation mix.

According to JS Global, excluding Furnace Oil, OMC sales in September totaled 1.25 million tons, marking an 8% year-on-year decline but an 8% month-on-month increase. The quarterly sales excluding FO remained flat at 3.8 million tons compared to the previous year. The surge in FO sales, up 7 times year-on-year to 93,000 tons in September, was largely attributed to LNG shortages boosting FO consumption in power generation, despite a 5% month-on-month decrease due to reduced power demand.

The demand for other fuels remained subdued amid rising prices. Motor Spirit (MS) prices climbed 42% year-on-year to Rs375 per litre, while High-Speed Diesel (HSD) prices rose 48% to Rs401 per litre. Petrol sales decreased by 5% year-on-year and 2% month-on-month to 652,000 tons, while HSD volumes dropped 11% year-on-year but saw a 25% month-on-month rise to 525,000 tons due to seasonal factors.

Company-specific data revealed varied performances. Attock Petroleum Limited (APL) maintained sales at 116,000 tons in September, unchanged from the previous year but down 4% month-on-month, with a market share decrease of 99 basis points to 8.62%. In contrast, Pakistan State Oil (PSO) saw a 12% year-on-year and month-on-month sales increase to 639,000 tons, bolstering its market share by 230 basis points to 47.51%, driven by a significant rise in HSD sales to 269,000 tons from 199,000 tons in the previous month.

Wafi Energy reported a 6% year-on-year sales drop to 110,000 tons, though it achieved a 2% month-on-month increase. HASCOL's sales fell 14% year-on-year to 37,000 tons but improved 5% month-on-month. PSO stood out as the only listed OMC to report both year-on-year and month-on-month sales growth.

The collective market share of the four listed OMCs increased by 90 basis points to 67% this month. JS Global anticipates OMC sales growth between 8% and 10% for fiscal year 2027, highlighting ongoing shifts in energy consumption patterns.