KARACHI: Pakistan OMC’s recorded sales of 1.4 million tons up 9.0 percent on month-on-month basis while Ex-Furnace Oil (FO) sales up 7.0 percent MoM in November 2023.
The MoM jump in sales is due to lower petrol and diesel prices and low base of FO sales in last month, experts said.
Average petrol price of November 2023 came down to Rs 282 per litre compared to Rs 303 per litre in October 2023. Similarly average Diesel prices came down to Rs 300 per litre in November 2023 from Rs 311 per litre in October 2023.
FO sales for November 2023 rose 54 percent MoM to 82,000 tons. This rise is due to the shortage of RLNG/Gas and reduced hydel power generation in winter months, leading in a switch to FO based power generation, we believe.
Petrol price likely to remain unchanged
On YoY basis, in November 2023 total OMC’s sales down 11 percent YoY and Ex-FO sales down 8.0 percent YoY. The YoY fall in sales is due to higher fuel prices and economic slowdown.
This takes five months of…