Pakistan’s three listed oil refineries reported profit growth of more than 1,000 percent in the July to September quarter, as stronger refining margins boosted earnings following the government’s shift to daily fuel price updates.

Attock Refinery’s net profit surged to Rs. 18.65 billion in the first quarter of fiscal year 2027, up from Rs. 1.45 billion a year earlier, an increase of 1,184 percent.

National Refinery earned Rs. 11.57 billion, compared with Rs. 1.03 billion last year, while Pakistan Refinery’s profit jumped to Rs. 13.97 billion from Rs. 1.02 billion. Their profits rose by approximately 1,029 percent and 1,274 percent, respectively.

Other petroleum companies also reported higher earnings. Pakistan Oilfields’ net profit increased 51 percent to Rs. 8.19 billion, while Attock Petroleum’s profit rose 74 percent to Rs. 6.64 billion.

Higher Refining Margins Boost Profits

Stronger refining margins, which measure the difference between the cost of crude oil and the value of refined products, helped drive the refineries’ earnings.

Brokerage estimates put average gross refining margins at around $30 per barrel during the quarter, with diesel margins particularly strong. Refineries also benefited from inventory gains as product prices rose. Industry refinery upliftment increased 37.3 percent year-on-year to 3.192 million tonnes, according to Arif Habib Limited.

However, the profit surge does not by itself establish that daily fuel price updates caused the increase.

The government subsequently reduced the cap on high-speed diesel refining margins to $38 per barrel from $41.89 on October 20. Topline Securities said the change could put pressure on refinery margins in the current quarter.