- Crude-HSD unfold rises to ~$55/bbl; crude-MS hole at ~$10/bbl.
- Historic common crude-product unfold is $25–$30 per barrel.
- Feb 2026 refinery throughput rose 29% YoY on robust product demand.
Pakistan’s refining business is poised to realize from increased gross refining margins (GRMs) because the hole between crude oil and refined petroleum product costs widens, The Information reported.
Escalating geopolitical tensions within the Center East have pushed up international costs for crude oil, high-speed diesel (HSD), and motor spirit (MS), leading to broader refining spreads.
The unfold between crude oil and HSD has climbed to round $55 per barrel, whereas the hole between crude and MS stands at about $10 per barrel. Traditionally, the common unfold between crude and petroleum merchandise ranges between $25 and $30 per barrel, in keeping with business information.
Refinery throughput and product uplift posted a robust restoration in February 2026, with complete volumes rising 29% year-on-year (YoY), pushed by increased demand for MS, HSD, and furnace oil (FO), in keeping with a report by Arif Habib Restricted.
HSD uplift surged 43.7% YoY to 458,000 tonnes through the month, reflecting stronger home consumption, diminished inflows from Iran and improved refinery utilisation. MS volumes rose 16.9% to 223,000 tonnes on the again of agency demand and better output.
FO uplift elevated 14.3% to 162,000 tonnes. Nonetheless, analysts famous that a good portion of FO output was probably exported at a loss as a consequence of weak home demand. Information from oil advertising and marketing corporations confirmed FO gross sales falling 16.4percentYoY to 44,000 tonnes, largely as a consequence of decrease FO-based energy technology amid diminished hydel availability.
In the course of the first eight months of FY26, complete refinery uplift reached 7.1 million tonnes, up 12.5% YoY, supported by MS and HSD offtake, which rose 11.8% and 22.7 %, respectively.
Firm-wise information confirmed a blended pattern in February.
Gross sales at Attock Refinery Restricted fell 5.5percentYoY to 98,000 tonnes. Whereas HSD gross sales elevated 14.3%, MS and FO volumes declined by 0.5% and 76.7%, respectively.
The corporate continued to face crude provide constraints from northern fields, weighing on MS offtake. Its market share slipped to 11.1%, beneath its historic common of 13.7%.
In distinction, Pakistan Refinery Restricted posted a 55.4percentYoY enhance in gross sales to 147,000 tonnes, pushed by progress throughout all main merchandise. MS, HSD and FO volumes rose 61.1%, 46.9% and 67.6%, respectively.
Equally, Nationwide Refinery Restricted reported a 51.7% soar in gross sales to 113,000 tonnes, supported by sharp will increase in MS (up 63.6 %) and HSD (up 77.8 %) following a deliberate turnaround in the identical interval final yr.
Cnergyico PK Restricted additionally recorded robust progress, with gross sales rising 81.8% YoY to 135,000 tonnes, led by MS, HSD and FO volumes, which elevated 79.2%, 96.1%, and 62.6 %, respectively.
