The sales of oil marketing companies (OMCs) surged by 7% year-on-year (YoY) to reach a nine-month high of 1.39 million tonnes (MTs) in May 2024, compared to 1.30 MTs in May 2023, according to data released by the Oil Companies Advisory Council (OCAC).
On a month-on-month (MoM) basis, oil sales experienced a significant increase of 26%, rising from 1.10 MTs in April 2024.
Cumulative Sales in Fiscal Year
For the ongoing fiscal year (11MFY24), cumulative sales stood at 13.83 MTs, reflecting a 9% decline compared to the 15.26 MTs reported in the same period of the previous fiscal year (11MFY23).
Product-Wise Sales Breakdown
- Motor Spirit (MS): Sales increased by 1% YoY to 0.61 MTs in May 2024. On a MoM basis, MS sales rose by 14%.
- High-Speed Diesel (HSD): Sales jumped by 18% YoY to 0.64 MTs in May 2024. Compared to April 2024, HSD sales saw a substantial increase of 37%.
- Furnace Oil (FO): Sales decreased by 24% YoY to 0.07 MTs. However, on a MoM basis, FO sales surged by 131%.
