ISLAMABAD – While millions of Pakistanis struggle to afford petrol, diesel and everyday essentials, some of country’s biggest oil refineries reported staggering profit increases of more than 1,000%, raising questions about who is benefiting from the global energy crisis.
As common man is forced to pay nearly Rs400 for a litre of fuel and households grapple with rising living costs, Pakistan’s petroleum industry is presenting a dramatically different financial picture. The latest quarterly results of major oil refineries, exploration firms and petroleum marketing companies reveal that several businesses have earned billions of rupees in profits during a period marked by war, disrupted oil supplies and soaring international energy prices.
Three major Pakistani refineries alone reported combined net profits of Rs44.19 billion during July–September 2026, compared with just Rs3.50 billion in the corresponding quarter last year. That shows extraordinary combined increase of approximately 1,163%.
From Rs276 to Nearly Rs400Billion
Before US-Iran conflict, Petrol in Pakistan cost around Rs276 per litre, while Diesel was selling for around Rs287. As global prices surged, domestic fuel rates climbed sharply, at times reaching or exceeding Rs400 per litre.
The government eventually moved to daily petroleum price revisions to respond more quickly to international market fluctuations. The consequences extended far beyond petrol pumps. Higher transportation and distribution costs added pressure to food prices, household expenses and other essential commodities.
Which Companies Made Billions?
Among three listed refineries that have announced their July–September 2026 financial results, Pakistan Refinery Limited recorded the highest percentage increase in profitability, while Attock Refinery generated the largest absolute net profit.
Combined net profit of three refineries, July–September
■ 2025
■ 2026
Profit Breakdown
| Company | July–Sept 2025 | July–Sept 2026 | Profit growth |
|---|---|---|---|
| Attock Refinery | Rs1.45bn | Rs18.65bn | +1,184% |
| National Refinery | Rs1.03bn | Rs11.57bn | +1,029% |
| Pakistan Refinery | Rs1.02bn | Rs13.97bn | +1,274% |
| Pakistan Oilfields | Rs5.43bn | Rs8.19bn | +51% |
| Attock Petroleum | Rs3.81bn | Rs6.64bn | +74% |
Attock Refinery remains the leading earner among the three refineries, reporting Rs18.65 billion in quarterly net profit, up from Rs1.45 billion a year earlier. Pakistan Refinery Limited recorded the most dramatic percentage increase, with profits jumping from Rs1.02 billion to Rs13.97 billion.
National Refinery also joined the billion-rupee profit surge, reporting Rs11.57 billion against Rs1.03 billion last year. The earnings boom was not confined to refining companies. Pakistan Oilfields, involved in oil and gas exploration and production, reported a 51% increase in profit to Rs8.19 billion.
Meanwhile, Attock Petroleum, an oil marketing company, saw its net profit climb 74% to Rs6.64 billion. These five companies reported approximately Rs59.02 billion in quarterly net profits, compared with Rs12.07 billion a year earlier. However, these figures represent corporate net earnings, not the amount companies earned directly from each litre of fuel sold.
Normally, refineries purchase crude oil, process it into finished products and earn a margin on the difference between their costs and the value of the products they produce. This difference is commonly measured through the gross refinery margin, or GRM. The price difference for an individual product is known as the crack spread. During the latest crisis, these margins expanded dramatically.
The exceptional widening of the gap between crude oil and refined fuel prices helped explain why refinery profits rose so sharply, even as the cost of importing crude oil increased. Simply put, refineries were paying more for crude oil, but the market value of the petrol and diesel produced from it was rising even faster.
The extraordinary earnings revived key policy debate, should governments intervene when energy companies generate unusually high margins during a crisis that is hurting consumers?
Pakistan has already taken steps in this direction. According to August report by Mettis Global, the government introduced a ceiling of $41.89 per barrel on diesel crack spreads to limit the impact of exceptionally high international refining margins on domestic fuel prices.
Such measures are designed to restrict the extent to which unusually high international product margins influence domestic pricing. However, they do not necessarily eliminate refinery profits or guarantee an immediate reduction in petrol and diesel prices.
In October 20 research report, Topline Securities warned that the government’s ceiling on diesel crack spreads could begin squeezing refinery margins. The brokerage expects profitability pressures to become more visible during the second quarter of fiscal year 2027.
Future earnings will also depend on international crude prices, fuel demand, refining capacity, shipping disruptions, inventory movements and government pricing policies.
If international diesel and petrol prices fall relative to crude oil, the extraordinary margins enjoyed by refineries could narrow significantly.
Five major petroleum-sector companies earned a combined Rs59 billion in net profits in just three months, while consumers faced some of the highest fuel prices in the country’s history.
Pakistanis brace for another Petrol Price Hike Next Week as Global Oil Prices surge above $116
