Industry Volumes

In November 2025, overall refinery upliftment rose by 39.9% YoY, driven by increased demand for MS, HSD, and FO, according to AHL Research. HSD upliftment increased 4.9% MoM to 566k tons due to the Rabi season, while FO sales fell 31.2% MoM to 155k tons, as weak local demand led to a 32% YoY decline to just 25k tons.

Company-Wise Volumes and Market Share

ATRL’s sales reached 141k tons, up 11.7% YoY, with significant FO sales growth of 377.6% YoY, though MS fell 17.6% YoY due to supply constraints. Its market share improved to 14.4%. PARCO’s upliftment surged, with MS, HSD, and FO offtake up 122.6%, 177.1%, and 60.9% YoY, respectively. PRL’s sales rose 1.7% YoY to 143k tons, while CNERGY increased 17.2% YoY to 128k tons. NRL’s sales were stable at 148k tons, showing mixed results across products.

Production, Utilisation, and Throughput

Refinery production increased 47.0% YoY to 1,052k tons, with significant output gains in MS, HSD, and FO. Overall industry utilisation rose to 61.6% in November. ATRL had a utilisation rate of 68.7%, PRL 73.9%, NRL 56.8%, and CNERGY 19.5%, with varying throughput for each company.