Pakistan’s furnace oil (FO) exports surged 63% year-on-year, reaching 1.368 million tons during the first 11 months of FY2024–25 (11MFY25), making it the leading contributor to the overall increase in petroleum product exports.
Total petroleum exports rose 37% year-on-year during the period, reaching 1.742 million tons compared to 1.274 million tons in 11MFY24, according to data compiled by Oil Companies Advisory Council (OCAC) and Arif Habib Limited (AHL).
Despite the annual growth, petroleum exports in May 2025 declined by 39% year-on-year to 164,000 tons, down from 268,000 tons in May 2024. On a month-on-month basis, however, May exports rose by 53% from April’s 107,000 tons, largely driven by a sharp increase in FO shipments.
FO exports in May 2025 totaled 147,000 tons, reflecting a 20% drop compared to May 2024 but a 51% rise from April 2025. Naphtha exports in May 2025 fell 13% year-on-year to 17,000 tons, though they nearly doubled from April’s 9,000 tons. No crude condensate exports were recorded in May 2025, while 65,000 tons had been exported in the same month last year.
Over the 11-month period, naphtha exports reached 145,000 tons, registering a 26% increase from 115,000 tons in 11MFY24. Meanwhile, crude condensate exports declined by 29% year-on-year to 230,000 tons, down from 322,000 tons.
The monthly and annual fluctuations in export volumes highlight the volatility in international demand and local production patterns. However, the sustained growth in FO exports has played a central role in boosting Pakistan’s petroleum export performance during the fiscal year.
Breakdown of Petroleum Exports (000 Tons):
| Product | May-25 | May-24 | YoY | Apr-25 | MoM | 11MFY25 | 11MFY24 | YoY |
|---|---|---|---|---|---|---|---|---|
| Naphtha | 17 | 19 | -13% | 9 | nm | 145 | 115 | 26% |
| FO (HSFO + LSFO) | 147 | 184 | -20% | 97 | 51% | 1,368 | 838 | 63% |
| Crude Condensate | – | 65 | nm | – | nm | 230 | 322 | -29% |
| Total | 164 | 268 | -39% | 107 | 53% | 1,742 | 1,274 | 37% |
Source: OCAC, AHL Research
