KARACHI: Overall oil sales decreased by 14 per cent year-on-year to 1.21 million tonnes in August due to the monsoon season, while these increased by 2pc due to a full working month, unlike July.

Oil sales fell 12pc to 2.4m tonnes in July-August FY25 compared to 2.8m tonnes in 2MFY24.

Myesha Sohail of Topline Securities said that petrol sales fell 7pc YoY but showed a rise of 6pc MoM to 625,000 tonnes in August due to a reduction in prices by Rs14.64 per litre to Rs260.96 and resumption of activities, i.e. start of school season and others.

Petrol sales plunged by 9pc in 2MFY25 to 1.216m tonnes.

Besides the above factors, the country’s two-, three- and four-wheeler sales have also been facing a downward trajectory due to high prices and expensive auto financing, thus affecting petrol and diesel sales.

She said high-speed diesel (HSD) saw a 17pc YoY and a 2pc MoM fall to 456,000 tonnes in August due to the monsoon season. During 2MFY24, HSD sales fell by 12pc to 921,000 tonnes.

Furnace oil (FO) sales plunged 45pc YoY and 17pc MoM to 65,000 tonnes in August due to lower power generation from FO-based power plants. Total FO sales in July-August FY25 posted a whooping drop of 46pc to 142,000 tonnes.

Urea sales

Urea sales in August tumbled 14pc to 560,000 tonnes in August compared to 650,000 tonnes in the same month last year, while it came down 9pc MoM due to monsoon season.

Urea sales fell 4pc to 4.2m tonnes in 8M2024 from 4.4m tonnes in 2023. The closing inventory of urea was around 397,000 tonnes in August, down from 399,000 in July.

According to Tanweer Ahmed of Topline Securities, total DAP sales during August were around 80,000 tonnes, down 29pc YoY and 51pc MoM. This takes 8M2024 DAP sales to 787,000 tonnes, down 12pc YoY.

Published in Dawn, September 4th, 2024