Pakistan’s refineries increased refined petroleum product volumes by 16% over the past two years. Output reached 11.7 million tons in FY26, according to Topline Research.
At the same time, refineries changed their production mix. They increased the share of High-Speed Diesel (HSD) and reduced the share of Furnace Oil (FO).
According to Oil Companies Advisory Council (OCAC) data cited by Topline Securities, HSD accounted for 48.5% of total refinery output in FY26. Its share stood at 44.3% in FY24. Therefore, HSD gained 4.2 percentage points over two years.
In contrast, FO’s share fell to 20.8% in FY26 from 24.5% in FY24. This represents a decline of 3.7 percentage points.
Topline Research linked the decline in FO production to refinery product optimization. Refineries have also shifted toward lighter crude. This crude produces less Furnace Oil during the refining process.
Meanwhile, petrol, or Motor Spirit (MS), remained largely stable. Its share slipped slightly to 23.8% in FY26 from 24.1% in FY24.
Jet Fuel (JP) also recorded a modest decline. Its share dropped to 5.5% from 6.1% during the period. Similarly, Kerosene’s share decreased to 0.7% from 0.8%.
However, Light Diesel Oil (LDO) moved in the opposite direction. Its share rose to 0.6% in FY26 from 0.2% in FY24.
Overall, Pakistan’s refineries have shifted production toward HSD and other lighter products. At the same time, they have reduced Furnace Oil output through crude selection and product optimization.
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