Refinery upliftment rises 37.3pc in Q1

Business

By Tanveer Malik

October 03, 2026

Installations at the El Palito refinery of Venezuelan state oil company PDVSA, with facilities of the national electricity company Corpoelec in the background, after the National Assembly approved a major reform of the countrys main oil law, in Puerto Cabello, Venezuela, January 27, 2026. — Reuters — Installations at the El Palito refinery of Venezuelan state oil company PDVSA, with facilities of the national electricity company Corpoelec in the background, after the National Assembly approved a major reform of the country's main oil law, in Puerto Cabello, Venezuela, January 27, 2026. — Reuters

KARACHI: Pakistan’s refinery sector recorded strong growth in the first quarter of fiscal year 2026-27, with refinery upliftment rising 37.3 per cent year-on-year (YoY) to 3.19 million tonnes.

According to industry data compiled by Arif Habib Limited, refinery upliftment increased 32% year-on-year in September 2026, supported by higher sales of motor spirit (MS), high-speed diesel (HSD) and furnace oil (FO). The increase was attributed to higher crude production and imports, which improved refinery utilisation and boosted the availability of locally produced petroleum products.

Despite the overall increase in refinery activity, HSD sales by oil marketing companies declined 11.2 per cent YoY in September, amid minimal HSD imports.Among refiners, Attock Refinery Limited (ATRL) posted a 79.9 per cent year-on-year increase in sales in September. Furnace oil sales surged more than 22-fold, while MS sales rose 49.9 per cent to 52,000 tonnes and HSD sales increased 21.5 per cent to 61,000 tonnes.

ATRL’s market share consequently reached 16 per cent, above its historical average of 13.9 per cent, according to the AHL report.Pakistan Refinery Limited (PRL) recorded a 45.5 per cent YoY increase in sales to 151,000 tonnes. MS sales more than doubled to 26,000 tonnes, while furnace oil and HSD sales increased 41 per cent and 36.4 per cent, respectively.

National Refinery Limited (NRL) posted a 42.3 per cent YoY rise in sales to 154,000 tonnes. MS sales increased 18.7 per cent, while furnace oil sales surged 237-fold from the year-earlier period. HSD volumes, however, declined.

Cnergyico PK Limited (CNERGY) recorded the strongest percentage increase, with sales rising 135.6 per cent YoY to 147,000 tonnes. HSD sales climbed 110.3 per cent, while furnace oil sales increased more than 15-fold.

Pakistan’s total refinery production increased 17.4 per cent YoY to 1.017 million tonnes in September, supported by improved utilisation and higher crude availability.Motor spirit production rose 23.1 per cent to 243,000 tonnes, while furnace oil production increased 14.3 per cent to 229,000 tonnes. HSD production grew 20.4 per cent to 533,000 tonnes.

In the first quarter of FY27, total refinery production increased 23.8 per cent YoY to 3.09 million tonnes, with MS production rising 26.6 per cent, HSD production 14 per cent and furnace oil production 40.5 per cent.

The sector operated at an average utilisation rate of 59.5 per cent in September, compared with 50.7 per cent a year earlier, although this was below August’s 65.1 per cent.ATRL operated at 71 per cent utilisation, followed by PRL at 68 per cent and NRL at 63 per cent. CNERGY recorded utilisation of 26 per cent.