Pakistan’s refineries cross $1 billion export mark for first time in FY26

Pakistan's refining sector has passed the $1 billion export mark for the first time, with five major refiners together earning an estimated $1.046 billion in FY26, Profit reported. Parco led the list with about $277 million, while Cnergyico PK Limited came next with nearly $258 million, and the two together made up over half of the industry's export earnings.

National Refinery Limited added roughly $238 million, Pakistan Refinery Limited about $200 million, and Attock Refinery Limited close to $73 million. Combined, the refiners' exports equalled nearly 3.5 per cent of Pakistan's goods exports, which came to $30.139 billion in FY26. The milestone came against a weaker trade picture, as merchandise exports dropped about 5.9 per cent from $32.04 billion in FY25 while imports rose to around $69.76 billion, widening the deficit to nearly $39.62 billion.

According to the report, a sharp fall in domestic furnace oil use, as the power sector cut back, has left refiners with inventory buildups that at times forced them to reduce crude processing or shut units. Because refineries produce petrol, diesel, jet fuel and other products at the same time, they cannot simply stop furnace oil output, so exports have acted as a release valve. OGRA has permitted refineries to ship surplus furnace oil abroad, provided they keep enough reserves for local consumption.