Refinery uplift drops 7% in May

June 02, 2026 (MLN): Pakistan's overall refinery upliftment declined by 7.0% YoY to 927,000 tons in May 2026, compared to 997,000 tons in the same month last year, according to data compiled by Arif Habib Limited.

The decline was primarily driven by lower demand for High-Speed Diesel (HSD) and Furnace Oil (FO). HSD uplift dropped 19.1% YoY to 409,000 tons from 505,000 tons in May 2025, while FO offtake decreased 4.2% YoY to 220,000 tons from 230,000 tons a year earlier.

In contrast, Motor Spirit (MS) remained relatively resilient, with uplift increasing 4.3% YoY to 247,000 tons, compared to 237,000 tons in May 2025.

On a monthly basis, total refinery upliftment fell 2.8% from 954,000 tons recorded in April 2026. MS uplift rose 13.5% MoM, while HSD and FO declined by 7.6% and 6.2%, respectively.

Among individual refineries, National Refinery Limited (NRL) recorded the strongest annual growth, with total upliftment increasing 21.2% YoY to 135,000 tons in May 2026. Pakistan Refinery Limited (PRL) also posted a 3.4% YoY increase to 144,000 tons.

Meanwhile, Attock Refinery Limited (ATRL) reported a decline of 16.6% YoY to 112,000 tons, while Cnergyico and PARCO witnessed decreases of 11.5% YoY and 12.7% YoY, respectively.

During 11MFY26, cumulative refinery upliftment stood at 9.97m tons, up 10.4% YoY from 9.03m tons recorded in the corresponding period last year.

HSD uplift increased 17.1% YoY to 5.06m tons, while MS sales rose 10.8% YoY to 2.38m tons. FO uplift, however, declined 6.0% YoY to 2.04 million tons during the period.

Oil Marketing / Refinery Data ('000 tons)

Source: OCAC, AHL Research

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