Pakistan’s three listed oil refineries recorded year-on-year profit growth exceeding 1,000 percent during the July-September quarter of fiscal year 2027. Pakistan Refinery Limited saw its net profit climb to Rs. 13.97 billion, representing an increase of approximately 1,274 percent from Rs. 1.02 billion in the previous year.
Attock Refinery Limited reported a net profit of Rs. 18.65 billion for the same period, a 1,184 percent rise from the Rs. 1.45 billion earned a year earlier. National Refinery Limited posted a net profit of Rs. 11.57 billion, which grew by about 1,029 percent compared to the Rs. 1.03 billion recorded in the same quarter last year.
Pakistan Oilfields and Attock Petroleum also recorded higher earnings, with the former reporting a net profit of Rs. 8.19 billion, up 51 percent from Rs. 5.43 billion. Brokerage estimates suggest average gross refining margins reached around $30 per barrel during the first quarter of fiscal year 2027.
Specific margins were estimated at $40 per barrel for Attock Refinery, $28.9 per barrel for National Refinery, and $26 per barrel for Pakistan Refinery. Diesel and petrol spreads were estimated at $55 to $57 per barrel and around $25 per barrel, respectively.
Inventory gains contributed to the results, with Attock Refinery recording Rs. 1.5 billion and National Refinery projecting gains of Rs. 2.7 billion. Arif Habib Limited (AHL) reported that total refinery upliftment increased 37.3 percent year-on-year to 3.192 million tonnes during the quarter.
Industry capacity utilisation reached 59.5 percent in September, up from 50.7 percent a year earlier. Crude oil imports for Pakistan jumped 12 percent to 2.78 million tonnes in the first quarter.
The government reduced the maximum HSD crack spread used in domestic diesel pricing from $41.89 per barrel to $38 per barrel on 20 October.
