Pakistan’s Oil Volumes Reach 23-Month High in October

Islamabad: Pakistan’s oil marketing companies (OMCs) experienced a significant increase in sales volumes in October 2024, marking the highest monthly figures in nearly two years. The rise was largely driven by increased demand in the agricultural sector as farmers prepared for the Rabi crop sowing season.

According to AKD Securities Limited, the OMC sector’s volumes rose by 18% year-over-year to reach 1.50 million tons in October, the highest since November 2022 when volumes were at 1.54 million tons. The surge in high-speed diesel (HSD) volumes, which increased by 22% compared to the same month last year, was notably influenced by agricultural demands, particularly for wheat sowing in the country’s farming regions.

PSO, APL, SHEL, and CNERGY, major players in the market, reported throughput levels of 695k, 124k, 107k, and 150k tons, respectively, with corresponding market shares of 46.6%, 8.3%, 7.1%, and 3.1% during the month. AKD Securities maintains a ‘BUY’ recommendation for PSO and APL with a target price of PkR290 and PkR500 per share, respectively, and dividend yields of 7% and 9.0% for the fiscal year 2025.

The post Pakistan’s Oil Volumes Reach 23-Month High in October appeared first on Pakistan Business News.