Pakistan’s oil marketing sector showed a strong rebound in March 2026, with overall sales rising both on a monthly and yearly basis, signalling a broad recovery in fuel demand despite ongoing external pressures.
Total oil marketing companies’ (OMCs) offtake reached 1.44 million tons in March, up 13 percent from February’s 1.28 million tons. Compared to March 2025, volumes increased by 19 percent, indicating firmer demand across major fuel categories. On a cumulative basis, the first nine months of fiscal year 2026 recorded 12.4 million tons in sales, reflecting a 5 percent rise over the same period last year.
The recovery comes at a time of rising uncertainty. Escalating tensions in the Middle East have disrupted oil flows through the Strait of Hormuz, a key global shipping route. In response, authorities in Pakistan have introduced fuel conservation measures to manage consumption as supply chains come under strain. Despite these concerns, overall volumes have remained resilient.
Among fuel products, High Speed Diesel (HSD) emerged as a key driver of growth. Sales reached 0.59 million tons in March, showing a 21 percent increase year-on-year and a 13 percent rise from the previous month. Cumulative HSD sales for the first nine months stood at 5.35 million tons, up 7 percent from last year.
Motor Spirit (petrol) also contributed to the upward trend. Sales climbed to 0.67 million tons in March, marking a 16 percent increase compared to the same month last year and an 8 percent rise from February. Over the nine-month period, petrol volumes reached 5.80 million tons, reflecting a 5 percent year-on-year increase.
Furnace Oil (FO) recorded a notable short-term rebound, with sales nearly doubling to 0.09 million tons in March from 0.04 million tons in February. However, its longer-term outlook remains weak, as cumulative nine-month volumes fell 23 percent year-on-year to 0.39 million tons, highlighting a continued decline in demand.
At the company level, Pakistan State Oil (PSO) maintained its lead, posting strong monthly growth. Attock Petroleum Limited (APL) and Wafi Energy (WAFI) also showed gains, while HASCOL recorded relatively subdued performance, with mixed results across fuel types.
Overall, the data points to a sector gaining short-term momentum, though external risks and shifting demand patterns continue to shape its outlook.
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