Energy & Resource | August 2026 | 3 min read
⚡ Quick Takeaways
- Pakistan’s petroleum exports reached an all-time high of $939 million in FY26.
- Exports rose 3.9 percent from $903 million recorded in FY25.
- The value has climbed sharply from $553 million in FY24 to $939 million in FY26.
- Topline Securities linked the increase to low-sulphur products, including VLSFO.
- Lower domestic furnace oil demand helped push more fuel oil toward export markets.
Pakistan’s petroleum export numbers show a sharp shift in the refinery market, with more fuel oil moving overseas as domestic demand weakens and marine fuel sales grow.
| $939mn FY26 petroleum exports |
3.9% Year-on-year growth |
$386mn Increase since FY24 |
Exports Reach A New Record In FY26
Pakistan’s petroleum exports reached an all-time high of $939 million in FY26, rising 3.9 percent from $903 million in FY25. The latest figure marks the highest petroleum export value recorded in the available period.
The increase is not a one-year jump only. Petroleum exports have climbed strongly over the past three years, moving from $553 million in FY24 to $903 million in FY25 and then to $939 million in FY26.
The FY26 number also overtook the previous record of $903 million set only a year earlier. For Pakistan, which needs export earnings and foreign exchange support, the record is a positive signal for the energy export side of the economy.
Why it matters: Higher petroleum exports bring foreign exchange and help refineries manage output when local furnace oil demand is weak.
Low-Sulphur Fuel Supports Export Growth
Topline Securities said the latest increase reflects growing exports of low-sulphur petroleum products, including Very Low Sulphur Fuel Oil, or VLSFO. This product is mainly used as marine fuel by ships.
The shift toward VLSFO matters because marine fuel has an international market beyond Pakistan’s domestic power sector. When local demand for furnace oil falls, refineries can sell more product abroad if they can meet buyer requirements.
Lower domestic furnace oil demand has also supported the export trend. Reuters has reported that Pakistan’s fuel oil exports rose as local power producers shifted toward cleaner or alternative fuels and domestic purchases weakened.
Petroleum Exports Have Seen Big Swings
The longer record shows that petroleum exports can move sharply from year to year. Exports stood at $676 million in FY19 before falling to $369 million in FY20 and $235 million in FY21.
The sector then recovered to $415 million in FY22, but the recovery did not hold immediately. Exports declined again to $291 million in FY23 before rebounding to $553 million in FY24.
The latest three-year rise is therefore significant. It shows that the export market has moved from a low point of $291 million in FY23 to a record $939 million in FY26.
| Fiscal year | Petroleum exports | Trend |
| FY19 | $676mn | High base |
| FY20 | $369mn | Decline |
| FY21 | $235mn | Further decline |
| FY22 | $415mn | Recovery |
| FY23 | $291mn | Decline |
| FY24 | $553mn | Rebound |
| FY25 | $903mn | Previous record |
| FY26 | $939mn | All-time high |
Data note: The FY26 value is the highest in the stated record, but past swings show that export performance can change quickly.
What The Record Means For Refineries
For refineries, stronger export demand can reduce pressure from unsold furnace oil stocks. It can also support refinery runs because companies have another outlet when domestic buyers are not taking enough fuel oil.
However, the record should be read with some caution. Petroleum exports depend on global marine fuel demand, prices, product quality and regional supply conditions. A strong FY26 number does not automatically guarantee another record in FY27.
Even so, the shift is important for Pakistan’s refinery sector. If low-sulphur product exports continue to grow, refineries may have more reason to upgrade product quality and align output with international fuel markets.
Outlook: Sustained growth will depend on marine fuel demand, refinery upgrades and whether domestic furnace oil use stays low.
Disclaimer: This article is based on reported market data and public energy-sector information available at the time of writing. It is for general news purposes only and should not be treated as investment advice.
