OMC sales slip 6% MoM in April 2026

May 04, 2026 (MLN): Oil Marketing Companies (OMCs) in Pakistan posted a 7% year-on-year (YoY) decline in April 2026, with total offtake falling to 1.36 million tons (mt) from 1.46mt in April 2025. On a month-on-month (MoM) basis, volumes also slipped 6% from March's 1.44mt.

Despite the monthly setback, cumulative ten-month fiscal year 2026 (10MFY26) volumes reached 13.76mt, a 4% improvement over the same period last year.

Excluding Furnace Oil (FO), total April sales stood at 1.22mt, down 11% YoY and 10% MoM, while Ex-FO volumes for 10MFY26 totalled 13.23mt, reflecting a 5% YoY rise.

The April contraction is attributed to sharp fuel price increases driven by the ongoing US/Iran conflict disrupting the Middle East.

Motor Spirit (MS) prices climbed 21% MoM to an average of Rs374.73 per litre from Rs310.53 per litre in March 2026, while High Speed Diesel (HSD) prices surged 26% MoM to Rs409.61 per litre from Rs325.21 per litre, , according to data compiled by Topline Securities.

The steep price hikes have kept overall oil demand subdued across the downstream sector.

Product-wise Performance

Motor Spirit (MS) recorded 0.62mt in April, down 7% YoY from 0.66mt in April 2025 and 8% MoM from March's 0.67mt. Cumulative 10MFY26 MS volumes stood at 6.41mt, up 4% over the prior year period.

High Speed Diesel (HSD) volumes came in at 0.55mt in April, declining 12% YoY from 0.62mt and 7% MoM from March's 0.59mt. On a cumulative basis, 10MFY26 HSD volumes reached 5.90mt, up 5% YoY.

Furnace Oil (FO) was the sole product to post gains, with 0.14mt sold in April  up a striking 63% YoY from 0.08mt in April 2025 and 56% MoM from March's depressed base of 0.09mt.

The surge is attributed to a shift toward FO as a more readily available alternative amid rising prices and constrained availability of other fuel sources.

However, on a cumulative basis, 10MFY26 FO volumes of 0.53mt remained 11% below the prior year period, reflecting the broader structural decline in furnace oil consumption.

(volumes in million tons)

Company-wise Breakdown

Pakistan State Oil (PSO) retained its market leadership with 0.59mt in April, though volumes fell 5% YoY from 0.62mt in April 2025 and 6% MoM from March's 0.63mt.

 On a cumulative basis, PSO's 10MFY26 volumes stood at 5.83mt, marginally down 1% from the prior year. Notably, PSO's market share edged up 7 basis points to 43.48%.

Attock Petroleum Limited (APL) was the only listed company to record a MoM volume increase, posting 0.12mt in April, down 6% YoY but up 5% MoM.

The company's ten-month cumulative performance stood at 1.13mt, down 2% compared to 10MFY25.

Wafi Energy (WAFI) posted flat YoY volumes of 0.10mt in April, slipping 3% MoM. However, WAFI's cumulative 10MFY26 performance of 1.10mt represented a strong 16% growth over the prior year, underpinned by sustained HSD gains.

HASCOL recorded 0.04mt in April, declining 26% YoY and 21% MoM. The company's ten-month cumulative sales of 0.43mt were down 2% compared to 10MFY25, with weakness across MS, HSD, and other product categories.

On the fiscal front, the government has set a Petroleum Development Levy (PDL) collection target of Rs1.47 trillion for FY26, of which an estimated Rs1.21 trillion approximately 82% has been collected through 10MFY26.

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