Pakistan’s refinery upliftment falls 8.1% in June, but FY26 volumes rise 8.6%

Pakistan’s overall refinery upliftment declined 8.1% year-on-year in June 2026 to 881,000 tons, mainly due to lower high-speed diesel (HSD) and furnace oil (FO) offtake, according to a refinery sector report by Arif Habib Limited citing OCAC data.

On a month-on-month basis, refinery upliftment fell 5.0% from 927,000 tons in May 2026.

Despite the June decline, refinery upliftment for FY2025-26 increased 8.6% to 10.846 million tons, compared with 9.984 million tons in FY2024-25. The annual increase was driven by higher motor spirit (MS) and HSD offtake.

In June, MS upliftment rose 13.3% year-on-year to 244,000 tons from 216,000 tons, although it was down 1.2% from 247,000 tons in May. For FY26, MS upliftment increased 11.0% to 2.627 million tons from 2.366 million tons last year.

HSD upliftment fell 16.0% year-on-year to 423,000 tons in June from 504,000 tons in the same month last year. However, it rose 3.6% month-on-month from 409,000 tons. For FY26, HSD upliftment increased 13.6% to 5.488 million tons from 4.829 million tons in FY25.

The report said the decline in HSD sales in June likely reflected lower procurement by oil marketing companies and a resurgence in cross-border smuggling amid elevated domestic prices. The average ex-refinery HSD price stood at Rs347 per litre in June 2026, up 37.1% year-on-year.

FO upliftment fell 26.6% year-on-year to 154,000 tons in June from 210,000 tons and declined 30.1% from 220,000 tons in May. For the full year, FO upliftment dropped 7.8% to 2.189 million tons from 2.374 million tons.

Company-wise, Attock Refinery Limited (ATRL) recorded total upliftment of 101,000 tons in June, up 6.0% from 96,000 tons in June 2025 but down 9.5% from 112,000 tons in May. Its FY26 upliftment declined 2.4% to 1.399 million tons from 1.434 million tons.

ATRL’s MS upliftment rose 36.8% year-on-year to 45,000 tons in June, while HSD increased 8.6% to 38,000 tons. FO fell 70.3% to 6,000 tons. For FY26, ATRL’s MS upliftment declined 4.5% to 513,000 tons, HSD rose 0.8% to 545,000 tons and FO fell 9.2% to 233,000 tons.

Pakistan Refinery Limited (PRL) reported total upliftment of 100,000 tons in June, down 22.3% year-on-year and 30.5% month-on-month. Its HSD upliftment fell 10.3% to 61,000 tons, while FO dropped 90.0% to 3,000 tons. MS rose 6.0% to 29,000 tons.

For FY26, PRL’s total upliftment declined 1.7% to 1.536 million tons. Its MS upliftment rose 11.7% to 300,000 tons, HSD fell 1.7% to 781,000 tons and FO dropped 13.6% to 397,000 tons.

National Refinery Limited (NRL) recorded total upliftment of 105,000 tons in June, down 12.4% year-on-year and 22.2% from May. MS declined 7.7% to 22,000 tons and HSD fell 23.5% to 57,000 tons, while FO rose 6.7% to 20,000 tons.

For FY26, NRL’s total upliftment increased 22.8% to 1.457 million tons from 1.187 million tons. Its MS upliftment rose 30.1% to 266,000 tons and HSD increased 28.5% to 879,000 tons, while FO fell 1.7% to 270,000 tons.

Cnergyico PK Limited (CNERGY) recorded the strongest June performance among listed refineries, with upliftment rising 12.4% year-on-year to 161,000 tons. Its MS volumes increased 66.9% to 35,000 tons and HSD rose 23.7% to 68,000 tons, while FO fell 13.5% to 59,000 tons.

For FY26, CNERGY’s total upliftment rose 12.3% to 1.546 million tons from 1.376 million tons. MS increased 21.0% to 280,000 tons and HSD rose 23.3% to 736,000 tons, while FO declined 3.2% to 531,000 tons.

PARCO’s total upliftment fell 12.1% year-on-year to 413,000 tons in June from 470,000 tons, but rose 7.6% from May. Its MS upliftment increased 2.5% to 114,000 tons, while HSD fell 26.7% to 199,000 tons and FO declined 8.4% to 66,000 tons.

For FY26, PARCO’s total upliftment increased 10.9% to 4.908 million tons from 4.425 million tons. MS rose 12.8% to 1.268 million tons and HSD increased 15.1% to 2.547 million tons, while FO declined 9.2% to 759,000 tons.

On the production side, overall refinery production increased 5.8% year-on-year to 927,000 tons in June 2026, supported by higher output of MS and FO. MS production rose 8.1% to 492,000 tons, while FO production increased 3.1% to 191,000 tons.

The report said the rise in production, combined with weaker sales volumes, particularly in HSD, likely led to higher inventory build-up across refineries.

Industry HSD throughput remained broadly stable at 48.0% in June, while MS throughput improved to 24.9%. FO throughput declined to 20.7%, remaining below its historical average.

The refinery sector operated at a capacity utilisation rate of 54.2% in June 2026, compared with 59.2% in May 2026 and 51.3% in June 2025.

Company-wise, ATRL operated at 56.3% utilisation in June. PRL operated at 71.6%, NRL at 34.2%, CNERGY at 28.8% and PARCO at 90%.

PARCO remained the largest player by market share in June with 46.9%, followed by CNERGY at 18.3%, NRL at 11.9%, ATRL at 11.5% and PRL at 11.4%.

The report shows that while June upliftment weakened due to lower HSD and FO offtake, annual refinery volumes remained higher in FY26, supported mainly by stronger HSD and MS demand during the year.