Pakistan’s oil marketing companies (OMCs) recorded a 6 percent year-on-year increase in total sales volume in December 2025, reaching 1.35 million tons compared to 1.28 million tons in the same month last year, according to data released by Arif Habib Limited.

However, on a month-on-month basis, industry-wide sales declined by 5 percent from 1.42 million tons in November, indicating softer demand towards the end of the year.

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On a cumulative basis, total OMC sales for the first half of FY26 rose 2 percent to 8.16 million tons, up from 8.03 million tons in the corresponding period of the previous fiscal year, reflecting modest recovery in fuel consumption.

Product-wise performance

Motor Spirit (MS) sales showed strong growth, rising 11 percent year-on-year to 0.63 million tons in December. High-Speed Diesel (HSD) sales also increased by 3 percent to 0.65 million tons. In contrast, Furnace Oil (FO) sales witnessed a sharp 54 percent year-on-year decline, despite registering a 40 percent month-on-month rebound during December.

Company-wise breakdown

Pakistan State Oil (PSO), the market leader, saw its total sales fall 7 percent year-on-year to 0.53 million tons. PSO’s MS sales declined 5 percent, HSD dropped 6 percent, while FO sales plunged 71 percent.

Attock Petroleum Limited (APL) reported a 7 percent year-on-year decline in total sales to 0.10 million tons, with notable drops in both diesel and petrol volumes. FO sales fell 74 percent.

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In contrast, WAFI Petroleum posted a 10 percent year-on-year increase in sales, driven mainly by a 31 percent surge in HSD. HASCOL Petroleum recorded the strongest growth, with total sales rising 40 percent year-on-year to 0.05 million tons.

Industry outlook

Despite higher volumes, the financial health of OMCs remains strained. A report by Mountain Ventures highlighted that regulated fuel prices, persistent discounting, rising working capital needs, and uncertainty over taxes and levies continue to pressure margins.

With 45 licensed OMCs operating nationwide, the market remains highly fragmented. Regulators are now emphasizing digitization and stricter enforcement, signaling a gradual shift toward margin relief linked to compliance rather than broad price adjustments.