Pakistan State Oil (PSO) has reported strong financial and operational growth for the first quarter of fiscal year 2026-27, increasing its petroleum sales by 17.8% and expanding its market share to 45.9%.
The state-owned oil marketing company grew more than twice as fast as the overall petroleum industry, which recorded sales growth of 7.1% during the same period. PSO also increased its market share by 4.2 percentage points, highlighting its expanding position in Pakistan’s fuel market.
The company recorded an unconsolidated profit after tax of Rs25.56 billion for July-September 2026, compared with Rs9.39 billion in the corresponding quarter last year. Earnings per share (EPS) increased from Rs20 to Rs54.44.
At the group level, PSO reported a consolidated profit after tax of Rs29.42 billion, with earnings per share of Rs62.66, including the contribution of Pakistan Refinery Limited (PRL).
The results were supported by higher sales volumes and an improved product mix, although increased finance costs partly offset the improvement in profitability.
PSO also maintained nationwide fuel supplies despite geopolitical tensions, regional shipping disruptions and fluctuations in international oil prices. <Cite refs={[“turn564656view0″,”turn332969search3″,”turn332969search1”]}/>
PSO Market Share Increases to 45.9% in Q1 FY27
One of the most significant developments during the quarter was PSO’s increase in its overall petroleum market share.
The company’s petroleum sales grew by 17.8% year-on-year, compared with industry growth of 7.1%.
This performance increased PSO’s market share by 4.2 percentage points to 45.9%.
The improvement reflects higher sales volumes across important petroleum product categories, including motor gasoline, high-speed diesel, aviation fuel and lubricants.
The company also maintained fuel distribution across Pakistan during a period of pressure on international supply routes.
Reliable fuel availability remained important for transport, agriculture, manufacturing, aviation and electricity generation, all of which depend on stable energy supplies.
The results indicate that PSO expanded its market position while managing procurement and distribution challenges during the quarter.
PSO Profit Rises to Rs25.56 Billion
PSO’s financial performance also improved considerably during the first quarter of FY2027.
The company recorded an unconsolidated profit after tax of Rs25.56 billion, compared with Rs9.39 billion in the same period of the previous financial year.
This represents an increase of approximately 172% year-on-year.
Earnings per share also increased to Rs54.44 from Rs20, reflecting the improvement in the company’s profitability.
The main contributors to the stronger results were higher petroleum sales volumes and an improved product mix.
However, increased finance costs partially offset the gains generated through stronger business activity.
At the consolidated level, PSO reported a group profit after tax of Rs29.42 billion, with EPS of Rs62.66. This figure includes the contribution of Pakistan Refinery Limited.
The distinction between the standalone and consolidated results is important because the two figures represent different reporting scopes.
The financial results were approved by PSO’s Board of Management on October 29, 2026, for the quarter ended September 30. <Cite refs={[“turn332969search9″,”turn332969search8″,”turn332969search6”]}/>
Motor Gasoline Sales Increase by 23.2%
PSO recorded growth across several major petroleum product categories during the quarter.
Motor gasoline, commonly known as petrol, was among the strongest-performing segments.
The company’s petrol sales increased by 23.2% to 968,000 metric tonnes during the first quarter of FY2027.
The increase highlights stronger sales activity in a market where fuel demand is influenced by transportation requirements, economic activity and changes in consumer purchasing patterns.
Higher petrol sales also contributed to the company’s overall increase in petroleum volumes and market share.
The segment remained an important contributor to PSO’s financial performance as the company expanded its presence across the domestic fuel market.
High-Speed Diesel Sales Rise Despite Industry Demand Contraction
PSO also reported growth in high-speed diesel (HSD) sales during the quarter.
Diesel sales increased by 12.8% year-on-year to reach 759,000 metric tonnes.
The company recorded this improvement even as national diesel demand contracted during the reporting period.
High-speed diesel is widely used in Pakistan’s transport, agriculture, industrial and power sectors.
Its consumption is closely connected to freight movement, agricultural operations, construction activity and commercial transportation.
PSO’s increase in diesel sales therefore helped strengthen its overall petroleum business despite weaker national demand in the segment.
The company’s performance also reflects its ability to maintain product availability and distribution through its nationwide supply network.
Aviation Fuel and Lubricant Business Also Expand
PSO recorded further growth in its aviation fuel and lubricants businesses.
Aviation fuel sales increased by 15.5% during the first quarter of FY2027.
The company also supplied 99.6% of the domestic Jet A-1 aviation fuel market, maintaining an exceptionally large share of the segment.
Jet A-1 is the standard aviation fuel used by most commercial jet aircraft, making its uninterrupted availability essential for airline operations.
The lubricant business also recorded positive growth, with sales increasing by 17.4% to 9,970 metric tonnes.
The improvements across these segments demonstrate that PSO’s quarterly performance was not limited to petrol and diesel.
Growth in aviation fuel and lubricants also contributed to the company’s broader product portfolio and market position. <Cite refs={[“turn564656view0″,”turn812695view1”]}/>
PSO Imports 16 Fuel Cargoes Amid Regional Disruptions
Maintaining fuel availability was another important aspect of PSO’s performance during the quarter.
The company said geopolitical tensions and disruptions to regional shipping routes created additional challenges for international petroleum procurement.
To maintain supplies, PSO imported 16 cargoes of petroleum products with a combined volume of 756,000 metric tonnes.
The company also uplifted 1.019 million metric tonnes of motor gasoline and high-speed diesel from domestic refineries.
By combining imported supplies with locally refined petroleum products, PSO worked to maintain fuel availability across its distribution network.
The strategy involved coordinating procurement, imports and domestic refinery supplies to reduce the impact of external disruptions.
This approach was particularly important for ensuring continued supplies to sectors that depend on petroleum products for daily operations.
The company’s management said it was also working to diversify procurement sources and strengthen its supply chain against future disruptions. <Cite refs={[“turn564656view1″,”turn332969search3”]}/>
PSO Manages LNG Supplies During Supplier Force Majeure
Apart from petroleum products, PSO also continued managing Pakistan’s long-term liquefied natural gas (LNG) supply portfolio.
The company said it worked with the government to safeguard supplies to the power and gas sectors during a period when a supplier had declared force majeure.
Force majeure refers to circumstances beyond a supplier’s control that may prevent it from fulfilling contractual obligations.
Such disruptions can create difficulties for countries that depend on imported LNG to meet electricity generation and gas demand.
PSO’s role in managing the supply portfolio remained important for coordinating available resources and supporting the country’s energy requirements.
After the reporting quarter ended, the company signed a government-to-government sale and purchase agreement with Oman’s OQ Trading.
The agreement is intended to broaden Pakistan’s fuel sourcing options and strengthen the resilience of its energy supply chain.
Because the agreement was signed after September 30, it is a subsequent development rather than part of the quarter’s reported operating performance. <Cite refs={[“turn564656view2″,”turn812695view2”]}/>
PSO Expands Retail Network to 3,727 Outlets
PSO continued expanding its nationwide retail presence during the first quarter.
The company added 37 new retail sites, taking its total network to 3,727 outlets.
According to PSO, this remains the largest retail fuel network in Pakistan.
A wider retail network allows the company to serve customers across urban centres, highways and other locations while strengthening its distribution reach.
The expansion also provides additional outlets for the company’s petroleum and lubricant products.
PSO’s nationwide presence is an important part of its operational strategy because it supports fuel distribution to consumers and businesses across different regions.
Electric Vehicle Charging Network Reaches 16 Locations
Alongside its conventional petroleum business, PSO is also expanding its electric mobility operations.
The company increased its electric vehicle (EV) charging network to 16 locations during the reporting period.
This investment reflects its efforts to prepare for changes in Pakistan’s transportation sector as electric vehicles become an additional part of the country’s automotive market.
Charging infrastructure is important for encouraging EV adoption because drivers need accessible facilities for charging their vehicles during daily travel and longer journeys.
PSO is also investing through its renewable energy and energy-storage initiatives.
The company said it continued making progress on Pakistan Refinery Limited’s expansion and upgrade project as part of its wider efforts to diversify its business and strengthen future energy capabilities. <Cite refs={[“turn564656view3″,”turn332969search3”]}/>
PSO Reports Zero Workplace Fatalities During the Quarter
PSO also reported a strong safety performance across its owned and controlled locations during the first quarter of FY2027.
According to the company, it recorded:
- Zero fatalities during the quarter.
- Zero lost-time injuries (LTIs).
- Zero recordable incidents.
These figures were reported across the company’s owned and controlled locations.
The safety performance is particularly relevant because petroleum procurement, transportation, storage and distribution involve operational risks that require continuous monitoring and appropriate safety procedures.
PSO said it remained committed to maintaining safe and reliable operations while supporting Pakistan’s energy requirements.
The company also reported that its CSR Trust contributed Rs112 million towards education, healthcare and community development projects across Pakistan during the period covered by its announcement. <Cite refs={[“turn564656view0″,”turn564656view1”]}/>
What PSO’s Q1 FY27 Performance Means for Pakistan’s Energy Sector
PSO’s first-quarter results highlight the company’s growing position in Pakistan’s petroleum market and its role in maintaining nationwide energy supplies.
The 17.8% increase in sales, expansion of market share to 45.9% and rise in standalone profit to Rs25.56 billion represent significant improvements compared with the same period last year.
The company’s performance also reflects its efforts to manage international procurement challenges through a combination of imported petroleum products and domestic refinery supplies.
At the same time, its investments in EV charging, renewable energy and storage indicate an effort to diversify beyond traditional petroleum distribution.
The next challenge will be to sustain sales growth, manage financing costs, strengthen supply arrangements and expand newer energy businesses.
For Pakistan, PSO’s performance remains important because the company operates across several critical areas of the energy supply chain, including petroleum distribution, aviation fuel and LNG management.
Its continued focus on procurement diversification, infrastructure development and operational reliability will remain important as the country’s energy requirements evolve.
