Refinery profits in Pakistan jumped to a combined Rs. 44.2 billion in July to September 2026, nearly 13 times the Rs. 3.5 billion earned a year earlier. The figures come from the quarterly results that Attock Refinery, National Refinery and Pakistan Refinery filed with the Pakistan Stock Exchange (PSX) this week.
Spread over the 92-day quarter, that is about Rs. 480 million in profit every day.
| Refinery | Profit, Jul–Sep 2025 | Profit, Jul–Sep 2026 | Rise |
|---|---|---|---|
| Attock Refinery | Rs. 1.45 billion | Rs. 18.65 billion | 1,184% |
| Pakistan Refinery | Rs. 1.02 billion | Rs. 13.97 billion | 1,274% |
| National Refinery | Rs. 1.03 billion | Rs. 11.57 billion | 1,029% |
Sales at the three companies roughly doubled, from Rs. 200.6 billion to Rs. 422.3 billion. Profits grew much faster. Together, the refineries kept about Rs. 10.5 as profit from every Rs. 100 of fuel they sold, up from about Rs. 1.7 a year earlier.
None of them is sharing this quarter’s money with shareholders yet. All three boards recommended no dividend for the quarter.
Profits rose as diesel prices jumped
The quarter began with a big change in how fuel is priced. On July 18, 2026, the government moved to daily petrol and diesel prices. Petroleum Minister Ali Pervaiz Malik said the Oil and Gas Regulatory Authority (OGRA), the fuel regulator, would set prices each day based on average world prices over seven working days, The Nation reported.
On the same day, diesel went up by Rs. 31.05 to Rs. 354.35 per litre. Ali Pervaiz Malik also said Prime Minister Shehbaz Sharif had ordered the FIA, the Intelligence Bureau and other agencies to act against anyone making unfair profits in the oil sector.
A refinery’s earnings depend on its margin: the gap between what it pays for crude oil and what it earns from selling petrol, diesel and other fuels. Asad Ali, an analyst at Topline Securities, estimated that this margin averaged about $27.1 per barrel in the quarter, according to The News. World supply worries linked to the US-Iran war pushed diesel margins especially high.
Government cuts the diesel profit cap to $38
On October 20, the government lowered the maximum diesel margin allowed in Pakistan’s fuel price formula to $38 per barrel, down from $41.89. The change showed up in OGRA’s pricing sheet, The News reported.
This cap matters for anyone who buys diesel or pays for goods moved by trucks. Without it, the pump price formula would follow world diesel margins, which averaged $45.4 per barrel in October so far. With the cap, the formula uses the lower $38 figure.
The government had wanted a tighter $30 cap, but refineries pushed for $38, and that was agreed, a meeting participant told The News. The new limit runs for three months, though the government may review it sooner if the region calms down.
This is the third round of the cap this year. It was first set in April 2026, dropped on May 22, and brought back on August 20 at $41.89.
Next quarter may look very different
The record quarter is unlikely to repeat soon. Asad Ali expects average refinery margins to fall to about $14.2 per barrel in October to December, roughly half the first quarter’s level.
Buying crude oil has also become harder and costlier. Asad Ali said supplies from Saudi Aramco were limited, with ships waiting 20 to 22 days at Saudi Arabia’s Yanbu port. Refineries have been buying more oil on the open market from Fujairah, at an extra cost of around $8 per barrel. He said refineries near the coast that rely on imported crude would feel this pressure most.
