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KARACHI: Oil sales during the outgoing month of October declined by 13 percent led by lower furnace oil and high-speed diesel off-take on account of lower sales by marketing companies other than Pakistan State Oil (PSO) due to eroding margins, said analysts on Friday.
“However, on account of increased CNG outages, the sales of motor spirit increased by a substantial 36 percent,” said Furqan Punjani at BMA Capital.
Owing to double-digit decline in October sales, the cumulative oil sales in the four months (July-October) fell by four percent to 6.4 million tons as compared to 6.7 million tons in the same period last year.
The dip is largely attributable to 46 percent decline in jet fuel sales that fell on account of limited exports to Afghanistan coupled with lower furnace oil off-take.
“With efficient management of products and capitalisation of gains over gas outages, PSO has increased its market share and product distribution in the right direction,” said Punjani.
“However, on account of increased CNG outages, the sales of motor spirit increased by a substantial 36 percent,” said Furqan Punjani at BMA Capital.
Owing to double-digit decline in October sales, the cumulative oil sales in the four months (July-October) fell by four percent to 6.4 million tons as compared to 6.7 million tons in the same period last year.
The dip is largely attributable to 46 percent decline in jet fuel sales that fell on account of limited exports to Afghanistan coupled with lower furnace oil off-take.
“With efficient management of products and capitalisation of gains over gas outages, PSO has increased its market share and product distribution in the right direction,” said Punjani.
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