Overall refinery upliftment rose 0.9% YoY in Dec’25, driven by higher MS and FO offtake, despite weaker HSD demand, according to a report from AHL Research. HSD upliftment declined 8.6% YoY to 396k tons, likely reflecting higher OMC imports amid a falling HSD price trend and cross-border tensions.

FO sales rose 11.1% YoY to 227k tons, primarily reflecting higher refinery exports in Dec’25, albeit at a loss. Meanwhile, local FO demand strengthened, with OMC sales up 39.9% YoY to 58k tons, likely driven by increased FO-based power generation amid lower hydel flows. Despite this, the bulk of FO volumes were exported during the month.

Refinery upliftment in 1HFY26 remained strong at 5.2mn tons, up 10.5% YoY, driven by higher MS and HSD offtake, which increased by 9.0% and 21.0% YoY, respectively.

Company-wise volumes and market share

ATRL’s sales reached 109k tons in Dec’25, up 9.3% YoY. FO sales surged 580.0% YoY, MS and HSD sales declined by 14.3% and 24.4% YoY, respectively, likely due to curtailment from select oilfields amid SNGPL pipeline pressure management and higher OMC imports amid a falling HSD price trend and cross-border tensions. ATRL’s market share declined to 12.5%, slightly below its historical 13.8%.

PARCO’s sales declined by 7.0% YoY to 368k tons in Dec’25, as MS and HSD volumes decreased 2.5% and 14.8% YoY, respectively.

PRL’s sales also declined by 32.3% YoY to 124k tons in Dec’25, as HSD and FO volumes decreased 25.0% and 56.0% YoY, respectively.

NRL’s sales surged 56.9% YoY to 115k tons in Dec’25, driven by sharp increases in MS (+615%), HSD (+29.8%), and FO (+53.7%) volumes, due to a planned ATA in SPLY.

CNERGY’s sales also improved by 37.8% YoY to 158k tons in Dec’25, as HSD and FO volumes improved by 12.1% and 95.4% YoY, respectively.