Pakistan’s largest refiner, Cnergyico, plans to raise fuel oil exports by 35–40% in the fiscal year ending June 2026. The company’s vice chairman Usama Qureshi told Reuters that the plan raise fuel oil exports is a result of heavy domestic taxes that have curbed local sales.
Additional taxes of around 40%, on top of an 18% consumption levy, have limited domestic demand. From July, Cnergyico exported 80,000 tons, 95% of production, compared to 55% last year. Fuel oil sales typically account for 10–15% of the refiner’s revenue.
Exports could reach 333,000–346,000 tons, up from 247,000 tons last fiscal year. Pakistan’s overall fuel oil exports hit a record 242,000 tons in August, according to Kpler.
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Cnergyico is upgrading its refinery to reduce fuel oil output and produce cleaner diesel and gasoline, importing low-sulphur US crude for the first time and planning fuel oil cracking facilities. The company exports mainly to southern Europe, Singapore, and the UAE.
