Pakistan’s oil refining industry has achieved a major milestone. For the first time, the country’s five main refineries earned $1.046 billion from exports in the fiscal year 2025-26 (FY26). This marks a new source of foreign exchange at a time when Pakistan’s overall trade situation remains challenging.
The total merchandise exports of Pakistan stood at $30.139 billion in FY26, down about 5.9% from the previous year. Imports rose to around $69.76 billion, pushing the trade deficit close to $39.62 billion. In this background, the refining sector’s contribution of nearly 3.5% of total exports is significant.
Here is the breakdown of export earnings by the five major refineries:
| Refinery | Export Earnings (approx.) |
| PARCO (Pakistan Arab Refinery) | $277 million |
| Cnergyico PK Limited | $258 million |
| National Refinery Limited | $238 million |
| Pakistan Refinery Limited | $200 million |
| Attock Refinery Limited | $73 million |
| Total | $1.046 billion |
PARCO and Cnergyico together contributed more than half of the total.
The main reason behind this success is the sharp drop in domestic demand for furnace oil. The power sector has reduced its use of this fuel. Refineries produce several petroleum products at the same time, so they cannot stop making furnace oil while continuing to produce petrol, diesel, and jet fuel. As a result, surplus stocks of furnace oil built up.
Exports of this surplus furnace oil helped clear the excess inventory. The Oil and Gas Regulatory Authority (OGRA) allowed these exports as long as domestic needs were met. This enabled refineries to keep running, supply essential fuels at home, and earn valuable dollars for the country.
This achievement shows how the refining sector, once mainly linked to import costs, is now helping Pakistan’s economy through exports.