Pakistan’s Oil Marketing Companies (OMCs) recorded sales of 1.5 million tons in Oct 2025, flattish YoY while up 9% MoM. OMC sales on a YoY basis remained flat. In contrast, on a MoM basis, it grew by 9% driven by growth in HSD sales as the harvesting season began and a recovery after monsoon rains and floods all over the country, according to a report released by Topline Pakistan Research.
§ This takes total sales for 4MFY26 to 5.4mn tons, reflecting a 4% YoY increase compared to 5.2mn tons in 4MFY25.
§ Excluding Furnace Oil (FO) sales in Oct 2025 were 1.47mn tons, reflecting a 2% YoY and 8% MoM rise. For 4MFY26, Ex-FO sales totaled 5.3mn tons, an 8% YoY rise.
§ Motor Spirit (MS) prices averaged at Rs265.85/litre in Oct 2025 up Rs1.24/litre from an average of Rs264.61/litre in Sep 2025. High-Speed Diesel (HSD) prices also rose by Rs 4.73/litre, from an average of Rs 271.38/litre in September 2025 to Rs 276.11/litre in October 2025.
§ Product-wise: MS sales saw a 2% YoY and 4% MoM decrease to 657k tons in Oct 2025. HSD sales rose 4% YoY and 21% MoM to 714k tons. The MoM increase is due to a rise in HSD sales as the harvesting season begins for Kharif crops.
§ FO sales for Oct 2025 fell by 52% YoY but up 2.1x MoM to 28k tons. CYNERGY, Pakistan State Oil (PSO), and Pearl PARCO were the main sellers for FO this month.
§ Company-wise: Among listed entities, Attock Petroleum’s (APL) sales stood at 124k tons in Sep 2025, flattish YoY and up 7% MoM on the back of higher HSD sales. APL has market share of 8.41% in MS and 8.38% in HSD, up 25bps while down 56bps respectively in Oct 2025.
§ PSO saw a fall of 8% YoY while up 13% MoM to 643K tons in Oct 2025. PSO’s market share in MS and HSD clocked in at 38.82% and 43.34%, up 47bps and 168bps MoM, respectively in Oct 2025. PSOs’ overall market share rose from 41.57% in September 2025 to 42.95% in October 2025, up 138 basis points, primarily led by an increase in HSD market share.
§ Wafi Energy Pakistan Limited (WAFI) recorded sales of 121k tons in Oct 2025, up 14% YoY and 4% MoM. While HASCOL’s sales reached 42k tons, down 9% YoY and 3% MoM.
§ FY26 Outlook: We expect oil sales in FY26 to grow in range of 7-10%.
§ Government has set a Petroleum Development Levy (PDL) collection target of Rs1.47trn for FY26, of which Rs493bn (34%) has been collected in 4MFY26, we believe.
