Pakistan’s oil marketing companies (OMCs) recorded a strong rebound in March 2026, with total sales rising 19% year-on-year to 1.44 million tons, as compared to 1.22 million tons, said Topline Securities in its report released on Thursday.
On a monthly basis, the OMC sales were up 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.”
Meanwhile, the monthly increase is largely attributable to a low base in February due to fewer working days. For the first nine months of FY26 (9MFY26), total OMC sales stood at 12.4 million tons, registering a 5% increase compared to 11.8 million tons in the same period last year.
Among products, high-speed diesel (HSD) and motor spirit (MS) led the growth, with HSD sales increasing 21% year-on-year and 13% month-on-month, while MS rose 16% annually and 8% over February levels.
Furnace oil sales also posted a notable recovery, rising 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) maintained its dominance with 23% annual growth in March, while Attock Petroleum Limited (APL) recorded a 8% year-on-year increase.
Wafi Energy (WAFI) recorded sales of 103k tons in March, up 17% YoY. Meanwhile, HASCOL reported sales of 45k tons, down 9% YoY.
The report noted the government has set a Petroleum Development Levy (PDL) collection target of Rs1.47 trillion for FY26, of which Rs1.13 trillion, i.e. 77% has been collected in 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 added.