KARACHI: Petroleum sales maintained strong momentum in March 2026, rising 19 per cent year-on-year (YoY) to 1.44 million tonnes, driven by higher demand and expectations of further fuel price increases amid an uptick in international oil markets.
Excluding furnace oil (FO), sales grew 16.7 per cent YoY to 1.36 million tonnes. Analysts attributed the increase to stronger consumer demand as global oil prices rose, while the government passed on only a partial increase of around Rs55 per litre in petrol and high-speed diesel (HSD) prices.
HSD sales rose 21 per cent YoY, supported by a low base last year due to weak tractor sales and subdued farm economics. Motor spirit (MS) sales also increased 16 per cent YoY. Meanwhile, FO sales surged 62 per cent YoY, mainly due to higher power demand and increased reliance on FO-based generation amid RLNG supply disruptions.
On a month-on-month (MoM) basis, total petroleum sales rose 13 per cent. MS and HSD offtake increased 8.0 per cent and 13 per cent, respectively, while FO sales jumped 98 per cent.During the first nine months of FY26, total petroleum sales rose 5.0 per cent YoY to 12.4 million tonnes.
Company-wise, Pakistan State Oil (PSO) recorded a 23 per cent YoY increase in March sales, outperforming the industry. However, its market share declined to 42.2 per cent in 9MFY26 from 44.7 per cent a year earlier.
Gas & Oil Pakistan Limited gained market share to 12.2 per cent, while Attock Petroleum Limited and Wafi Energy Pakistan posted modest growth. In contrast, Hascol Petroleum’s sales declined during the period.
Petroleum levy collection reached approximately Rs1.19 trillion in the first nine months of the current fiscal year, against the government’s revised target of Rs1.47 trillion for FY26.Analysts expect oil sales to ease in April 2026, as elevated petroleum prices are likely to dampen demand. Additionally, the government may increase fuel prices, given that the price differential claim (PDC) has risen to Rs96 per litre for petrol and Rs204 per litre for diesel.
