KARACHI, October 26, 2026: Pakistan’s three listed oil refineries recorded substantial increases in profitability during the July–September quarter, supported by stronger refining margins, inventory gains and higher petroleum product sales.
Reported financial results show that Attock Refinery Limited earned approximately Rs18.65 billion in net profit, compared with Rs1.45 billion during the corresponding quarter last year.
National Refinery Limited reported profit of around Rs11.57 billion, up from Rs1.03 billion, while Pakistan Refinery Limited’s earnings rose to approximately Rs13.97 billion from Rs1.02 billion.
Each company’s reported year-on-year profit growth exceeded 1,000 percent, reflecting an unusually strong quarter for the domestic refining industry.
The improved results coincided with elevated international refining margins and changes to Pakistan’s petroleum pricing arrangements, including the introduction of daily fuel price revisions in July.
Higher margins on diesel and petrol, alongside gains on existing fuel inventories, helped support refinery earnings.
Industry data cited by market analysts also indicated increased refinery output during the quarter, suggesting stronger utilisation of domestic processing capacity.
However, the scale of the profit increases does not necessarily mean the same performance will continue in subsequent quarters.
The government recently lowered the maximum diesel crack spread used in domestic pricing calculations, a move that could affect future refining margins.
The results highlight the financial benefits refineries have experienced during a period of volatile international energy markets, even as consumers and businesses continue to face pressure from fuel costs.