KARACHI: Sales of Pakistan’s oil marketing companies (OMCs) reached 1.3 million tons in September 2026, declining 2% year-on-year (YoY) but increasing 7% month-on-month (MoM), according to Topline Research.
The monthly increase lifted OMC sales during the first quarter of FY27 to 4.1 million tons, representing 6% YoY growth, mainly driven by a sharp increase in furnace oil (FO) sales amid changes in the power generation mix.
Excluding furnace oil, OMC sales stood at 1.25 million tons in September, down 8% YoY but up 8% MoM. Ex-FO sales during 1QFY27 totalled 3.8 million tons, remaining broadly unchanged from the same period last year.
FO sales surged nearly sevenfold YoY to 93,000 tons in September, primarily due to LNG shortages that increased reliance on furnace oil for power generation. However, FO sales declined 5% MoM due to lower electricity demand, according to Topline Research.
Fuel Prices Weigh on Demand
Demand for petroleum products excluding FO remained under pressure amid a sharp increase in fuel prices.
Average motor spirit (MS) prices increased 42% YoY to Rs375 per litre, while high-speed diesel (HSD) prices rose 48% to Rs401 per litre.
Petrol sales declined 5% YoY and 2% MoM to 652,000 tons in September. HSD sales fell 11% YoY but increased 25% MoM to 525,000 tons, mainly due to seasonal demand factors.
PSO Leads Market
Among listed OMCs, Pakistan State Oil (PSO) recorded the highest sales at 639,000 tons during September, increasing 12% YoY and 12% MoM.
PSO’s market share rose by 230 basis points to 47.51%, primarily due to stronger HSD sales. The company sold 269,000 tons of HSD in September compared with 199,000 tons in August.
Attock Petroleum Limited (APL) recorded sales of 116,000 tons, unchanged YoY but down 4% MoM. Its market share declined by 99 basis points to 8.62%.
Wafi Energy Pakistan (WAFI) posted sales of 110,000 tons, down 6% YoY but up 2% MoM, while Hascol Petroleum Limited (HASCOL) recorded sales of 37,000 tons, declining 14% YoY but increasing 5% MoM.
PSO was the only listed OMC to post growth in both YoY and MoM sales during September, according to the research.
The combined market share of the four listed OMCs increased by 90 basis points to 67% during the month.
Topline Research expects overall OMC sales to grow by 8-10% during FY27, supported by anticipated improvements in fuel demand and continued shifts in the power generation mix.
Story by Muhammad Saqib
