Pakistan Petroleum Imports Hit 16.1 Million Tonnes in Eleven Months of FY26, OMCs Drive High Throughput
Pakistan's total petroleum product imports reached 16.1 million tonnes in the first eleven months of FY26, indicating sustained high throughput levels for oil marketing companies led by Pakistan State Oil, which dominates the country's fuel import market.
Record-Level Petroleum Throughput
Pakistan imported 16.1 million tonnes of petroleum products in the eleven months spanning July 2025 to May 2026, a figure that reflects the country's continued dependence on imported fuel to meet domestic demand. Petroleum product imports include high-speed diesel (HSD), motor gasoline, furnace oil, liquefied petroleum gas (LPG), and aviation turbine fuel, among others.
Significance for Pakistan State Oil
PSO (Pakistan State Oil) is Pakistan's largest oil marketing company and the dominant importer of petroleum products. A high import volume figure is a direct throughput signal for PSO: greater import tonnes means PSO deployed more working capital to procure, transport, and distribute fuel, generating higher gross volume revenue. While OMC profitability depends on regulated margins per litre rather than just volume, higher throughput scales absolute margin income. PSO also earns on inventory holding gains during periods of rising oil prices, and its sheer market share in refined product imports makes any increase in national import volumes a proportional uplift for PSO's topline.
OMC Market Structure
The oil marketing sector in Pakistan operates under OGRA-regulated retail margins. APL (Attock Petroleum) is the second-significant listed OMC, focused on the northern market with a higher-margin product mix. Both PSO and APL benefit from the volume of petroleum product moving through Pakistan's distribution network. High import volumes -- whether driven by economic growth, lower international prices enabling more consumption, or industrial recovery -- represent a structurally supportive backdrop for OMC throughput revenue.
Sources
Frequently asked questions
Why do petroleum import volumes matter for PSO's earnings?
PSO earns a regulated margin on each litre of petroleum product it imports and sells. Higher import volumes mean PSO processes more throughput and earns more absolute margin income, even if the per-litre margin is fixed by regulation. Very high volumes also support working capital income and storage throughput fees. The July-May figure is a good proxy for PSO's annual throughput run rate.
What types of petroleum products does Pakistan import?
Pakistan's petroleum imports span high-speed diesel (the largest component, used by transport and industry), motor gasoline (petrol for vehicles), furnace oil (used by power plants and industry), LPG, and aviation turbine fuel. The mix shifts over time -- furnace oil imports have declined as gas and RLNG displaced it in power generation, while HSD and motor gasoline remain large.
Does PSO import all of Pakistan's petroleum products?
PSO dominates Pakistan's petroleum import market with a market share typically above 50%, but other OMCs and private companies also import. Shell Pakistan, Total Parco (SHEL/APL), and other players import smaller shares. PSO's dominance is greatest in HSD and furnace oil, while motor gasoline imports are more distributed.
Informational only, not investment advice. Sentiment reflects news exposure, not a buy/sell recommendation or price forecast. Do your own research and consult a licensed professional.
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