Pakistan OMC sales down 10% YoY and 5% MoM in Nov 2025

Pakistan’s Oil Marketing Companies (OMCs) recorded sales of 1.4 million tons in Nov 2025, down 10% YoY and 5% MoM. The YoY decline is due to a high base in Nov 2024, when OMC sales hit a 25-month peak, driven by a 30-month high in HSD sales. This surge last year followed price stability, an improving economy, and tighter control on smuggling, with PSO leading HSD sales, according to a report by Topline Pakistan Research.

This brings total sales for 5MFY26 to 6.81mn tons, a 1% YoY increase from 6.75mn tons in 5MFY25. Excluding Furnace Oil (FO) sales in Nov 2025 were 1.39 million tons, reflecting a decline of 9% YoY and 5% MoM. For 5MFY26, Ex-FO sales totalled 6.71 million tons, a 4% YoY rise.

Motor Spirit (MS) prices remained stable at an average of Rs265/litre, while High Speed Diesel (HSD) prices rose by 3% from an average of Rs273.02/litre in Oct 2025 to Rs281.44/litre in Nov 2025.

Product-wise, MS sales decreased 9% YoY and 7% MoM to 608k tons in Nov 2025. Similarly, HSD sales also fell 13% YoY and 4% MoM to 683k tons.

§ FO sales for Nov 2025 fell by 32% YoY and 9% MoM to 25k tons. CYNERGY was the main seller for FO this month, with 16k tons.

Company-wise: Among listed entities, Attock Petroleum’s (APL) sales stood at 109k tons in Nov 2025, down 17% YoY and 12% MoM mainly due to lower HSD sales. APL has a market share of 8.24% in MS and 7.59% in HSD, down 17bps and 79bps, respectively, in Nov 2025.

PSO saw a 19% YoY decline and a flattish MoM to 643K tons in Nov 2025. PSO’s market share in MS and HSD clocked in at 39.30% and 48.08%, up 48bps and 474bps MoM, respectively in Nov 2025. PSOs’ overall market share rose from 42.95% in Oct 2025 to 45.36% in Nov 2025, up 241bps, primarily led by an increase in HSD market share.

Wafi Energy Pakistan Limited (WAFI) recorded sales of 112k tons in Nov 2025, up 8% YoY but down 8% MoM. At the same time, HASCOL’s sales reached 34k tons, down 2% YoY and 19% MoM.

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

§ Government has set a Petroleum Development Levy (PDL) collection target of Rs1.47trn for FY26, of which Rs621bn (42%) has been collected in 5MFY26, we believe.