Three refineries' profit rose 1,163% as petrol neared Rs400 a litre
Three listed Pakistani refineries earned a combined Rs44.19 billion in net profit in July–September 2026, against Rs3.50 billion a year earlier — a rise of approximately 1,163% in the same quarter that pump prices climbed towards Rs400 a litre.
Attock Refinery posted the largest absolute profit, Rs18.65 billion against Rs1.45 billion, a gain of 1,184%. Pakistan Refinery Limited recorded the sharpest percentage jump, from Rs1.02 billion to Rs13.97 billion (1,274%), while National Refinery rose from Rs1.03 billion to Rs11.57 billion (1,029%). The earnings boom spread beyond refining: Pakistan Oilfields reported a 51% rise to Rs8.19 billion and oil marketing company Attock Petroleum a 74% rise to Rs6.64 billion. Across the five companies, quarterly net profit reached approximately Rs59.02 billion, against Rs12.07 billion a year earlier.
The source of the windfall was the gap between crude and refined products. Refineries paid more for crude, but the market value of the petrol and diesel they produced rose faster, widening gross refinery margins and product crack spreads. Before the US-Iran conflict, petrol in Pakistan sold for around Rs276 a litre and diesel around Rs287; as international prices rose, domestic rates at times reached or exceeded Rs400, and the government moved to daily price revisions. Higher transport and distribution costs fed through to food and household expenses.
Policy has begun to respond. According to an August report by Mettis Global, the government introduced a ceiling of $41.89 per barrel on diesel crack spreads to limit how far international refining margins pass into domestic prices. In an October 20 research report, Topline Securities warned the cap could begin squeezing refinery margins, with pressure becoming more visible in the second quarter of fiscal year 2027.
Whether the profits hold depends on international crude prices, fuel demand, refining capacity, shipping disruptions, inventory movements and government pricing policy. If diesel and petrol prices fall relative to crude, the margins behind this quarter's earnings would narrow — and the sector's next set of results would look very different.
