Pakistan’s oil and gas marketing companies (OMCs) recorded sales of 1.35 million tons in September 2026, down 2 percent year-on-year, according to AHL Research. On a month-on-month basis, however, volumes rose 7 percent, supported by seasonal demand. Excluding furnace oil (FO), OMC volumes fell 7.7 percent YoY but increased 7.8 percent MoM to 1.25 million tons.

The YoY decline was attributed to higher fuel prices, with average MS price rising from PKR 36.63/ltr to PKR 374.27/ltr and HSD price increasing from PKR 128.93/ltr to PKR 400.31/ltr. Diesel imports also declined, leading to an 11 percent YoY drop in HSD sales to 0.53 million tons. MS volumes fell 5 percent YoY, while FO sales surged 601 percent YoY due to higher demand for FO-based generation amid RLNG supply disruptions.

On a monthly basis, HSD volumes increased 25 percent to 0.53 million tons, driven by seasonal demand during the onset of the Rabi season. MS offtake declined 2 percent MoM to 0.65 million tons, while FO sales fell 5 percent MoM.

Cumulatively, in 1QFY27, total petroleum product sales rose 6 percent YoY to 4.11 million tons, up from 3.89 million tons in the same period last year. Product-wise, MS volumes stood at 2.05 million tons, HSD at 1.57 million tons, and FO at 0.27 million tons.

AHL Research noted that Pakistan State Oil (PSO) outperformed the industry, with volumes rising 12 percent YoY, reflecting its strong market position despite sector-wide challenges. The report highlighted that while higher fuel prices continue to weigh on demand, seasonal factors and infrastructure-driven consumption are expected to support volumes in the coming months.