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According to the latest official data released by the OCAC (Oil Companies Advisory Committee) POL sales volume have decreased by 2.6% YoY from 4.7mn tons in 1QMFY08 to 4.6mn tons in 1QFY09
Sales volume has been hit mainly by Mogas, FO, LDO and Kerosene. However, HSD supported volumes, increasing by 2.0% YoY
Shell outperformed the industry in volumetric sales, growing by 1.2% YoY
At current levels, PSO remains our top pick in the industry with a fair value of PKR365, representing an upside of 36.5% from current levels
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