KARACHI: Upliftment from local refineries surged by 23.5 percent year-on-year (YoY) in October 2025, driven by higher offtake of motor spirit (MS), high-speed diesel (HSD), and furnace oil (FO) amid firm domestic demand and a decline in Iranian fuel inflows, industry data showed.
Overall refinery production climbed 58.3 percent YoY to 924,000 tonnes, with MS output up 69.3 percent to 229,000 tonnes, HSD up 74.7 percent to 481,000 tonnes, and FO up 23.2 percent to 183,000 tonnes. Industry officials attributed the robust rise mainly to a low base effect from the same period last year.
Refinery utilisation rates improved notably, reaching 54.1 percent in October, compared to 50.7 percent in September 2025 and 34.2 percent in October 2024. MS and HSD throughput rose to 24.7 percent and 52.1 percent, respectively, while FO throughput fell to 20 percent.
During the first four months of FY2025–26, HSD upliftment increased 13.1 percent month-on-month (MoM) to 540,000 tonnes, supported by the Rabi sowing season. FO sales rebounded sharply, rising 126.6 percent MoM to 225,000 tonnes, though they declined 21 percent YoY to 610,000 tonnes due to the Rs77 per litre Petroleum Development Levy (PDL) introduced in the FY26 budget.
Company-wise performance varied:
- Attock Refinery Limited (ATRL) reported a 13.3 percent YoY increase in sales to 147,000 tonnes, with HSD and FO offtake up 9.2 percent and 127.2 percent, respectively, though MS fell 10.5 percent.
- Pak-Arab Refinery Company (Parco) saw broad gains, with MS, HSD, and FO offtake rising 73.4 percent, 61.9 percent, and 52.4 percent, respectively.
- Pakistan Refinery Limited (PRL) posted a 7.5 percent YoY decline in sales to 138,000 tonnes, reflecting a 46.5 percent drop in FO, while MS and HSD rose 46 percent and 4.8 percent, respectively.
- Cnergyico Pakistan recorded a 25.8 percent YoY decline to 120,000 tonnes, due to weaker MS, HSD, and FO demand, down 34.9 percent, 44.3 percent, and 1.6 percent, respectively.
- National Refinery Limited (NRL) achieved solid growth, with MS, HSD, and FO offtake up 6.3 percent, 23 percent, and 288.6 percent, respectively.
In utilisation terms, ATRL operated at 72.8 percent, PRL at 76 percent, and NRL at 40.8 percent, while Cnergyico remained the lowest at 16.1 percent, highlighting varying operational efficiency across the sector.
Industry analysts said the rebound reflects improved refinery economics, higher local fuel demand, and reduced dependence on imports, though rising fiscal pressures and levies could temper momentum in the coming months.
Story by Tanveer Malik
