The Oil Marketing Companies (OMCs) had a good month, with sales up 14 percent year over year to 1,692-kilo tonnes, which was an all-time record. Despite the Eid holidays, which lasted a week, revenues increased.
According to an analyst report by Ismail Iqbal Securities, the increase is due to the restart of economic activities, which saw HSD grow by 11% and MOGAS grow by 15% in May 2021.
Topline Securities, another brokerage house, claims that the increase is attributed to a lower baseline from last year, when the lockdown decreased economic activity and resulted in fewer working hours. However, there has been a noticeable resurgence in economic activity, which has been aided by the harvest season, improved automobile sales, and greater energy generation, all of which have contributed to higher petroleum product sales.