KARACHI: Sales by Pakistan's oil marketing companies fell 2% in September from a year earlier but rose 7% from the previous month, as higher fuel prices weighed on demand for most petroleum products, according to official data.
The companies sold 1.3 million tons of petroleum products in September. For the first quarter of the 2027 fiscal year, sales totaled 4.1 million tons, up 6% from a year earlier. Analysts at Topline Securities attributed the quarterly gain mainly to higher furnace oil sales amid a shift in the country's power generation mix.
Excluding furnace oil, September sales came to 1.25 million tons, down 8% from a year earlier but up 8% from August. For the July-September quarter, sales excluding furnace oil were 3.8 million tons, unchanged from a year earlier.
Furnace oil sales jumped sevenfold from a year earlier to 93,000 tons in September. The increase was largely due to shortages of liquefied natural gas, which pushed power producers to burn more furnace oil. Sales of the fuel were down 5% from August, which Topline attributed to lower power demand.
Demand for other fuels stayed under pressure as prices climbed. The average price of motor spirit, or petrol, rose 42% from a year earlier to 375 rupees per liter. High-speed diesel rose 48% to 401 rupees per liter.
Petrol sales fell 5% from a year earlier and 2% from August to 652,000 tons. Diesel volumes dropped 11% from a year earlier but rose 25% from August to 525,000 tons, a jump Topline said was likely seasonal.
Among publicly listed companies, Pakistan State Oil was the standout. Its sales rose 12% both from a year earlier and from August to 639,000 tons. Its market share increased 2.3 percentage points to 47.51%, driven largely by diesel, where it sold 269,000 tons compared with 199,000 tons in August. It was the only listed company to report increases both year-over-year and month-over-month.
Attock Petroleum sold 116,000 tons, flat from a year earlier and down 4% from August. Its market share fell 0.99 percentage points to 8.62%.
Wafi Energy sales totaled 110,000 tons, down 6% from a year earlier and up 2% from August. Hascol reported sales of 37,000 tons, down 14% from a year earlier and up 5% from the previous month.
The combined market share of the four listed companies rose 0.9 percentage points to 67%.
Topline expects oil marketing company sales to grow 8% to 10% in fiscal 2027.
