OMCs recorded sales of 1.4 million tons in Sep 2025

According to a report of Topline Pakistan Research, Pakistan’s Oil Marketing Companies (OMCs) recorded sales of 1.4 million tons in Sep 2025, up 8% YoY and 5% MoM. A gradual economic recovery supported the YoY growth. It reduced smuggling from Iran, while the MoM increase was driven by a lower base as sales in Aug were lower than potential due to floods and monsoon rains all over the country.

§ This takes total sales for 1QFY26 to 3.9mn tons, reflecting a 6% YoY increase compared to 3.7mn tons in 1QFY25.

§ Excluding Furnace Oil (FO) sales in Sep 2025 were 1.36mn tons, reflecting a 13% YoY and 6% MoM rise. For 1QFY26, Ex-FO sales totaled 3.8 million tons, an 11% YoY rise.

§ Motor Spirit (MS) prices remained stable at Rs264.61/litre, while High Speed Diesel (HSD) prices fell by 3% from an average of Rs279.41/litre to Rs271.38/litre.

§ Product wise: MS sales saw an 8% YoY and 1% MoM increase to 683k tons in Sep 2025. Similarly, HSD sales rose 20% YoY and 13% MoM to 592k tons.

§ FO sales for Sep 2025 fell by 81% YoY and 29% MoM to 13k tons. CYNERGY, Pakistan State Oil (PSO) and Pearl PARCO were the main sellers for FO this month.

§ Company-wise: Among listed entities, Attock Petroleum’s (APL) sales stood at 116k tons in Sep 2025, up 2% YoY and 3% MoM on the back of higher HSD sales. APL has a market share of 8.15% in MS and 8.94% in HSD, down 39 basis points while up 14 basis points, respectively, in September 2025.

§ PSO saw a rise of 4% YoY and MoM to 570K tons in Sep 2025. PSO’s market share in MS and HSD clocked in at 38.35% and 41.66%, down 62bps and 63bps MoM, respectively in Sep 2025. The PSOs’ overall market share rose from 42.07% in August 2025 to 41.57% in September 2025, a decrease of 50 basis points, primarily driven by a decline in MS market share.

§ Wafi Energy Pakistan Limited (WAFI) recorded sales of 117k tons in Sep 2025, up 25% YoY and 9% MoM. At the same time, HASCOL’s sales reached 43k tons, up 2% YoY and 3% MoM.

§ FY26 Outlook: We expect oil sales in FY26 to grow in range of 7-10%.

§ Government has set a Petroleum Development Levy (PDL) collection target of Rs1.47trn for FY26 of which Rs357bn (24%) has been collected in 1QFY25, we believe.