Equity Analysis /
Pakistan

Pakistan OMCs: Lockdowns lowered retail fuel sales in August

  • Overall OMC sales in Pakistan were flat mom in August, but fell 7% excluding furnace oil

  • Lockdown in major cities dragged retail fuel sales but FO demand from Power sector was healthy

  • Looking ahead, higher retail prices can slow sales growth further, while higher FO sales will lift gross margins

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
2 September 2021