Petroleum fell by by 7% YoY (6% MoM) to 1.36mn MT in April 2026. The fall likely stemmed from a surge in domestic petroleum prices and controlled supply to capitalize on inventory gains. Cumulatively, petroleum sales increased by 4% YoY to 13.76 million MT in 10MFY26, because of increased economic activity. The petroleum sales trajectory will largely hinge on supply and pricing stability.

MS sales fell by 7% YoY: Pakistan’s MS sales fell by 7% YoY (-8% MoM) to 614.9kT in April 2026. The decline stemmed from a sharp surge in domestic prices and controlled supply by petroleum dealers. Cumulatively, MS sales rose 4% YoY to 6.4mn MT in 10MFY26, driven by higher car sales. Within the category, PSO led the market with a 40% share in April 2026. Additionally, its share averaged 39% in 10MFY26. The trajectory of MS sales will depend on pricing stability.

HSD sales fell by 12% YoY: Pakistan’s HSD sales fell by 12% YoY (-7% MoM) to 549.8kT in April 2026. The decline was driven by a sharp surge in domestic prices and controlled supply by petroleum dealers. Cumulatively, HSD sales increased by 5% YoY to 5.9mn MT in 10MFY26, likely driven by higher economic activity. As with MS sales, HSD’s medium-term trajectory will largely hinge on supply and pricing stability. PSO led the market with a share of 45% in April 2026 and 43% in 10MFY26.

FO sales rebound by 63% YoY: Pakistan’s FO sales rebounded by 63% YoY (+56% MoM) to 136.7kT. The rising trend was driven by an RLNG shortage, which compelled the use of FO to produce electricity. Cumulatively, sales are down 11% to 528.9kT. Despite April’s recovery, FO’s trend remained negative due to negligible demand from FO-based power plants and the imposition of the petroleum levy, making FO-based generation unviable in previous months. Medium-term demand will depend on RLNG supply in the country.