Pakistan’s Three Listed Refineries Post More Than 1,000% Profit Growth

Pakistan’s three listed oil refineries reported sharp year-on-year profit increases for the July–September quarter, with each recording growth of more than 1,000%, according to their quarterly results.

Attock Refinery Limited (ARL) reported profit of about Rs18.65 billion, compared with Rs1.45 billion in the same quarter last year. National Refinery Limited (NRL) earned about Rs11.57 billion, up from Rs1.03 billion, while Pakistan Refinery Limited (PRL) reported nearly Rs13.97 billion, compared with about Rs1.02 billion a year earlier.

The quarter ended September 30, 2026, and is the first quarter of fiscal year 2026–27.

What supported refinery earnings?

The results came alongside higher refinery sales and stronger refining margins. ProPakistani’s report cited improved international product spreads, inventory gains and increased refinery upliftment as factors behind the sector’s performance.

The government also introduced more frequent petroleum-price updates in July. That policy change formed part of the wider pricing backdrop, but the published quarterly results do not isolate its effect from other factors, including international product prices, sales volumes, inventories and company-specific operations.

Diesel margin cap lowered in October

After the quarter ended, the government lowered the cap on the high-speed diesel (HSD) crack spread used in domestic pricing to $38 per barrel from $41.89. The revised cap applies for three months, with an $11.33-per-barrel floor retained.

The change may affect refinery earnings in the following quarter, but it does not alter the reported July–September results. The three companies’ strong earnings mark a major year-on-year turnaround; future performance will depend on market conditions and the pricing framework in place.