Pakistan’s oil marketing companies (OMCs) posted a strong recovery in March 2026, with total sales rising 19% year-on-year to 1.44 million tons, compared to 1.22 million tons, according to a report released by Topline Securities on Thursday.
On a monthly basis, sales increased by 13%.
“The YoY increase reflects improving economic activity, easing inflation, and better control over smuggling,” said Topline Securities. “Notably, sales remained strong despite higher petroleum prices driven by the US-Iran conflict.”
The month-on-month rise was largely due to a lower base in February, which had fewer working days.
For the first nine months of FY26 (9MFY26), total OMC sales reached 12.4 million tons, up 5% from 11.8 million tons in the same period last year.
Among petroleum products, high-speed diesel (HSD) and motor spirit (MS) drove growth. HSD sales climbed 21% year-on-year and 13% month-on-month, while MS increased 16% annually and 8% compared to February.
Furnace oil sales also rebounded sharply, surging 62% year-on-year and 98% month-on-month.
“In March, MS prices increased by 21% to an average of Rs310.17/litre from an average of Rs255.67/litre in February. While HSD prices rose by 19% MoM to an average of Rs324.86/litre from an average of Rs272.04/litre in February.
“Despite such a rise in prices, oil sales seemed to rise.”
Company-wise, Pakistan State Oil (PSO) retained its leading position with 23% annual growth in March, while Attock Petroleum Limited (APL) recorded an 8% year-on-year increase.
Wafi Energy (WAFI) posted sales of 103,000 tons in March, up 17% compared to last year, whereas HASCOL reported 45,000 tons, reflecting a 9% decline year-on-year.
The report added that the government has set a Petroleum Development Levy (PDL) collection target of Rs1.47 trillion for FY26, of which Rs1.13 trillion—around 77%—has already been achieved during 9MFY26.
“We expect oil sales to decline in April, as elevated petroleum prices are likely to dampen demand. Furthermore, the government may increase fuel prices, given that the Price Differential Claim (PDC) has risen to Rs96/litre for petrol and Rs204/litre for diesel,” it noted.
