Pakistan State Oil (PSO) announced its financial results for the nine months ended March 31, 2026 (9MFY26), reporting a strong increase in profitability despite a challenging and highly volatile global energy environment.
On a standalone basis, PSO posted a net profit of Rs. 38.1 billion, compared to Rs. 15.3 billion in the same period last year. Earnings per share (EPS) rose to Rs. 81.19, while gross sales for the period stood at Rs. 2.4 trillion.
On a consolidated basis, profit attributable to shareholders increased to Rs. 39.4 billion, with EPS reaching Rs. 83.93, reflecting improved performance across group operations, including PRL.
The third quarter of FY26 was shaped by severe global disruptions, including heightened geopolitical tensions in the Middle East and temporary closure of the Strait of Hormuz. This triggered a sharp surge in crude oil prices, with Brent rising from $69 to $103 per barrel within a month—the steepest inflation-adjusted increase since 1988.
Supply conditions tightened further after force majeure declarations by key G-to-G suppliers, including QatarEnergy and Kuwait Petroleum Corporation, which disrupted LNG and high-speed diesel cargo flows. PSO responded by diversifying sourcing and increasing reliance on domestic refineries, helping maintain supply stability amid broader market disruption.
Market Performance
PSO retained its leading position in the white oil segment with a 42.6 percent market share and total sales of 5,163 KMT. In product terms, the company held a 42.4 percent share in diesel and 37.8 percent in motor gasoline (MoGas). The aviation fuel business remained dominant with a 99.2 percent market share.
Lubricants volumes grew 16 percent, while LPG sales reached a record 46,895 MT, up 10 percent year-on-year.
Infrastructure and Digital Expansion
The company continued investing in infrastructure, with over 43,000 MT of storage capacity under rehabilitation and its retail network expanding to 3,663 outlets.
PSO’s aviation fuel facilities in Lahore, Sialkot, and Multan received JIG certification, aligning them with international safety and quality standards.
On the digital front, PSO expanded its Dual Interface card system nationwide, integrated Raast QR payments via its fintech arm Cerisma, and installed nine EV charging stations along the Karachi–Peshawar corridor.
CSR and Circular Debt Update
PSO contributed Rs. 394 million toward social development initiatives in healthcare and education, earning four awards at the 18th CSR Awards.
However, circular debt remains a key challenge, with receivables rising to Rs. 455 billion. The company continues to engage with the Government of Pakistan to support a sustainable resolution.
PSO said it remains focused on ensuring energy security through operational resilience, supply diversification, and continued investment in infrastructure and innovation.
