Pakistan’s refinery sector posted a strong recovery in 1QFY27, with upliftment rising 37.3 percent year-on-year to 3,192k tons, according to a report by AHL Research. Higher crude production and imports, improved refinery utilization, and stronger sales of MS, HSD and FO drove the growth.

Industry volumes in September 2026 rose 32 percent YoY, supported by demand for MS, HSD, and FO. However, minimal HSD imports led to an 11.2 percent YoY decline in HSD OMC sales. ATRL and CNERGY outperformed the sector on higher-margin products.

Company-wise, ATRL recorded 79.9 percent YoY growth, led by a 22.7x surge in FO sales and higher crude flows from new discoveries, lifting its market share to 16 percent. PRL’s sales rose 45.5 percent YoY to 151k tons, driven by MS (+101.6%), FO (+41%) and HSD (+36.4%). NRL’s sales increased 42.3 percent YoY to 154k tons, with FO surging 237x, while CNERGY posted 135.6 percent YoY growth to 147k tons, supported by strong HSD and FO sales.

Industry production rose 17.4 percent YoY in September to 1,017k tons, with MS up 23.1 percent, HSD up 20.4 percent and FO up 14.3 percent. For 1QFY27, production increased 23.8 percent YoY to 3.09mn tons, led by MS (+26.6%), HSD (+14%) and FO (+40.5%). Utilization stood at 59.5 percent in September, compared to 65.1 percent in August and 50.7 percent in September 2025.

Company utilization rates varied: ATRL operated at 71 percent, PRL at 68 percent, NRL at 63 percent, and CNERGY at 26 percent. Throughput trends showed improvements in MS and FO for most refineries, while HSD throughput remained mixed.

AHL Research noted that the sector’s strong uplift and production growth reflect improved crude availability and refinery efficiency, positioning the industry for continued momentum in FY27.