Pakistan’s Oil Marketing Companies (OMCs) recorded sales of 1.3 million tons in Feb 2026, up 13% YoY but down 15% MoM. The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling. At the same time, the MoM decline is attributed to fewer working days in February and higher diesel prices, according to Topline Pakistan Research.

This brings total sales for 8MFY26 to 10.96 million tons, a 4% YoY increase from 10.55 million tons in 8MFY25.

Excluding Furnace Oil (FO) sales in Feb 2026 were 1.2mn tons, reflecting an increase of 14% YoY while down 12% MoM. For 8MFY26, Ex-FO sales totalled 10.7 million tons, a 6% YoY rise.

In Feb 2026, Motor Spirit (MS) prices increased by 1% to an average of Rs255.67/litre from an average of Rs253.17/litre in Jan 2026. At the same time, High-Speed Diesel (HSD) prices rose by 6% MoM to an average of Rs272.04/litre from an average of Rs257.08/litre in Jan 2026.

§ Product-wise: MS sales saw a 12% YoY rise, while a decline of 3% MoM, to 621k tons in Feb 2026. At the same time, HSD sales rose 22% YoY but fell 21% MoM to 523k tons, mainly due to rising diesel prices. FO sales for Feb 2026 were down by 16% YoY and 57% MoM to 44k tons.

§ Company-wise: Among listed entities, Attock Petroleum’s (APL) sales stood at 102k tons in Feb 2026, flattish YoY and down 24% MoM mainly due to a decline in HSD sales.

§  PSO sales rose 14% YoY while down 14% MoM in Feb 2026 to 537K tons. In Feb 2026, PSO’s market share in MS and HSD stood at 38.94% and 43.39%, reflecting MoM increases of 106 bps and 64 bps, respectively.

§  Wafi Energy Pakistan Limited (WAFI) recorded sales of 109k tons in Feb 2026, up 30% YoY, while down 11% MoM. At the same time, HASCOL’s sales reached 44k tons, up 4% YoY but down 10% MoM.

§  Government has set a Petroleum Development Levy (PDL) collection target of Rs1.47trn for FY26, of which Rs991bn (67%) has been collected in 8MFY26, we believe.