Refinery upliftment increased by 12.7% YoY in Apr’26, primarily due to higher HSD and FO offtake. HSD uplift rose 11.3% YoY to 442k tons, driven by demand from OMCs, while FO sales surged 26.0% YoY to 235k tons, propelled by local demand and increased FO-based power generation. However, MS uplift declined by 1.7% YoY.

In the 10 months of FY26, total refinery upliftment reached 9.0 million tons, up 12.6% YoY, with MS and HSD offtake increasing by 11.6% and 21.9% YoY, respectively.

Company-wise, ATRL’s sales rose 32.7% YoY to 153k tons, with FO sales soaring 297.5%, though MS and HSD sales dropped. PRL’s sales improved 18.1% YoY to 132k tons with gains in MS and FO sales. NRL experienced a 78.0% increase to 143k tons, and CNERGY’s sales grew 29.9% YoY to 146k tons.

Overall, refinery production in Apr’26 increased by 10.7% YoY to 993k tons, supported by higher HSD and MS output. The industry operated at a 58.1% utilization rate.

Company-wise utilization rates showed ATRL at 59.4%, PRL at 76.1%, NRL at 62.4%, and CNERGY at 24.1%. HSD and MS throughput improved for most, while FO throughput varied.

Courtesy – AHL Research