KARACHI: Pakistan’s refining sector recorded a robust 40% year-on-year (YoY) increase in upliftment during November 2025, driven by improved demand for motor spirit (MS), high-speed diesel (HSD), and furnace oil (FO), supported by effective curtailment of Iranian fuel inflows.
On a month-on-month (MoM) basis, HSD upliftment rose 4.9% to 566,000 tonnes due to the onset of the Rabi season. FO upliftment dropped 31.2% to 155,000 tonnes as refineries exported most of their FO output in October, when exports peaked at 214,000 tonnes—though at a loss.
Sales data from oil marketing companies (OMCs) indicated weak domestic FO demand, with volumes plunging 32% YoY to just 25,000 tonnes, largely due to the Rs77 per litre Petroleum Development Levy (PDL) imposed in the FY26 budget.
Refinery-wise Performance
- Attock Refinery Limited (ATRL):
Sales rose 11.7% YoY to 141,000 tonnes. FO sales increased 377.6% YoY, HSD climbed 0.8%, while MS dropped 17.6% due to crude supply constraints. Market share improved to 14.4% from 13.8%. - Pak Arab Refinery Limited (PARCO):
Upliftment surged as the refinery came back online after a 45-day turnaround. MS jumped 122.6%, HSD 177.1%, and FO 60.9% YoY. - Pakistan Refinery Limited (PRL):
Sales increased 1.7% YoY to 143,000 tonnes, supported by an 11.2% rise in MS and 24.4% increase in FO. - Cnergyico Pakistan Limited (CPL):
Sales grew 17.2% YoY to 128,000 tonnes, with MS up 15.5% and HSD up 35%. - National Refinery Limited (NRL):
Sales remained flat at 148,000 tonnes. MS and FO fell 17.6% and 66.2% YoY, while HSD rose 37.8%.
Overall Sector Output and Utilisation
Refinery production rose 47% YoY to 1.05 million tonnes in November 2025, reflecting substantial growth in MS (+42.8%), HSD (+58.4%), and FO (+26.3%). The spike was largely due to a low base last year when PARCO was shut for maintenance.
Sector-wide utilisation increased to 61.6% from 54.1% in October and 41.9% last year.
- ATRL: 68.7% utilisation; HSD and FO throughput increased, MS declined.
- PRL: 73.9% utilisation; HSD and MS throughput improved, FO declined.
- NRL: 56.8% utilisation; HSD up sharply, MS and FO down.
- CPL: Lowest utilisation at 19.5%; mixed product throughput trends.
The industry continues to benefit from stronger domestic demand and reduced grey-market fuel inflows, though FO consumption remains structurally weak due to policy-driven cost pressures.
