Refining sector’s exports amounted to nearly 3.5% of the country’s total merchandise exports; Parco leads with $277 million in exports, Cnergyico follows with $258 million.
Pakistan’s oil refining industry has surpassed the $1 billion export threshold for the first time, with the country’s five major refiners collectively earning an estimated $1.046 billion in FY26 — emerging as an unexpected contributor of foreign exchange at a time when the merchandise trade deficit has swelled to nearly $40 billion, according to a news report.
Parco topped the list with around $277 million in exports, followed closely by Cnergyico PK Limited at approximately $258 million, together accounting for $535 million, or more than half of the sector’s total export proceeds.
National Refinery Limited added about $238 million, Pakistan Refinery Limited contributed roughly $200 million, and Attock Refinery Limited brought in close to $73 million.
The refining sector’s export earnings amounted to nearly 3.5% of Pakistan’s total merchandise exports of $30.139 billion for FY26.
The milestone stands out against a backdrop of deteriorating trade fundamentals. Merchandise exports fell by about 5.9% year-on-year, dropping from $32.04 billion in FY25 to $30.139 billion, while imports climbed to roughly $69.76 billion — widening the merchandise trade deficit to around $39.62 billion.
Against that backdrop, the refining sector’s billion-dollar export haul marks a meaningful foreign-exchange contribution from an industry more typically associated with driving up the country’s petroleum import bill.
A key factor behind the export surge has been the steep drop in domestic furnace-oil consumption, largely due to the power sector scaling back its use of the fuel.
Since refineries produce several petroleum products simultaneously, they cannot halt furnace-oil output while continuing to manufacture petrol, high-speed diesel, jet fuel and other products. As domestic demand for furnace oil has weakened, refiners have periodically faced inventory buildups, at times forcing them to cut crude-processing rates or even shut down units entirely.
Exporting the surplus has served as a pressure valve, allowing refiners to clear excess stock, sustain crude throughput and keep supplying essential fuels to the domestic market. In response, the Oil and Gas Regulatory Authority (OGRA) has permitted refineries to export surplus furnace oil, provided they maintain sufficient reserves for local consumption.