Pakistan's four largest listed oil refineries saw their combined profits soar by more than 1,860 per cent in the quarter ending September 2026, as global energy disruptions drove refining margins higher.
Their combined net profit surged to more than 57 billion Pakistani rupees (around $206 million), up from 2.9 billion rupees a year earlier, according to figures reported by Nikkei Asia.
Attock Refinery led the gains, reporting a net profit of 18.65 billion rupees, followed by Pakistan Refinery at 13.97 billion rupees.
Cnergyico Pk earned 12.88 billion rupees, while National Refinery reported a profit of 11.57 billion rupees.
Three of the four companies recorded year-on-year profit increases exceeding 1,000 per cent. Cnergyico Pk, which posted a net loss in the same period last year, could not be directly compared.
The profit surge follows significant disruptions to global energy supplies, which have pushed up fuel prices and strengthened refining margins.
According to Nikkei Asia, oil price increases following the outbreak of the U.S.-Iran conflict and the closure of the Strait of Hormuz contributed to fuel shortages and more profitable refining conditions.
The Strait of Hormuz, a vital shipping route connecting the Persian Gulf to international markets, plays a crucial role in global oil supplies. Disruptions to shipping through the waterway can drive up fuel prices and affect refining costs.
Pakistani refiners benefited from the widening gap between crude oil costs and the selling prices of refined petroleum products, boosting their quarterly earnings.
However, the sharp rise in profits was driven by exceptional market conditions, raising questions about whether such strong earnings can be sustained.
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