Pakistan Refinery upliftment jumps 10% in October

November 02, 2026 (MLN): Refinery upliftment rose 9.7% year-on-year (YoY) to 1,119k tons in October 2026, driven by higher HSD and FO sales, according to Arif Habib. On a month-on-month basis, upliftment improved 3.2% from 1,084k tons in September 2026.

By product, FO upliftment jumped 31.0% YoY to 295k tons and HSD edged up 3.0% to 556k tons, while MS fell 2.5% to 210k tons. The increase came from higher crude production and imports, which lifted refinery utilization and local product availability for OMCs.

In 4MFY27, upliftment surged 28.9% YoY to 4,311k tons. FO rose 63.1% to 995k tons, MS climbed 22.4% to 973k tons, and HSD gained 18.4% to 2,121k tons. ATRL and CNERGY outperformed the sector in higher-margin products (MS and HSD).

Among individual refineries, CNERGY’s total sales more than doubled, up 94.0% YoY to 233k tons, as HSD sales grew 198.3% to 123k tons and MS sales rose 101.6% to 29k tons.

NRL’s sales increased 12.8% to 146k tons, supported by a 57.2% surge in FO sales to 46k tons. PRL’s sales rose 5.4% to 146k tons, as an 80.6% jump in FO dispatches to 50k tons offset declines in MS and HSD.

ATRL’s sales declined 2.5% YoY to 143k tons, mainly due to a 21.6% drop in FO sales, while PARCO’s sales fell 7.0% to 451k tons. ATRL’s market share declined to 12.8%, below its historical average of 13.9%.

On the production side, industry refinery production increased 9.2% YoY to 1,009k tons in Oct’26. The industry operated at a utilization rate of 59.0%, compared with 59.5% in September 2026 and 54.1% in October 2025.

Source: OCAC, Arif Habib Limited research

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