Pakistan's refinery margins reach around $30/barrel in Q1FY27 amid higher diesel spreads

Domestic refiners are estimated to have posted gross refining margins of roughly $30 per barrel in the opening quarter of FY27, Profit reported, citing a brokerage research note. Wider diesel spreads and anticipated inventory gains lifted the figure, while supply strains from the US-Iran and Russia-Ukraine conflicts supported product margins from July to September 2026.

Import-dependent refiners paid roughly $97 per barrel for crude over the period, with freight and premiums included. Diesel was the largest driver of margins, making up over 45% of the product basket, with an average ex-refinery price of $154 per barrel and a spread of roughly $55 to $57 per barrel. Petrol added a spread of about $25 per barrel, whereas high-sulphur furnace oil generated losses of around $25 per barrel.

The report also expects inventory gains after earlier losses in the closing quarter of FY26. Attock Refinery Limited (ATRL) led with an estimated GRM of about $40 per barrel and inventory gains seen at Rs1.5 billion. National Refinery Limited (NRL) came next at $28.9 per barrel, with Rs2.7 billion in inventory gains. Pakistan Refinery Limited (PRL) and Cnergyico PK Limited (CNERGY) followed at $26 and $24.3 per barrel, with Cnergyico's figure being a fuel GRM.