Pakistan State Oil Company Limited (PSO) grew its petroleum sales by 17.8% year-on-year (YoY) in the first quarter of FY27, more than double the industry’s growth of 7.1%, and increased its overall market share by 4.2 percentage points to 45.9%. PSO delivered this growth while keeping fuel flowing across Pakistan amid geopolitical tensions, regional shipping disruptions and volatile international oil prices, ensuring continued supply to the country’s transport, agriculture, industry, aviation and power sectors.
Reflecting its commitment to safe and reliable operations, PSO recorded zero fatalities, zero lost-time injuries and zero recordable incidents across its owned and controlled locations during the quarter.
PSO recorded a profit after tax of PKR 25.56 billion for Q1 FY27, translating into earnings per share (EPS) of PKR 54.44, compared with PKR 9.39 billion and PKR 20.00, respectively, in the corresponding period last year. The performance was driven by higher sales volumes and an improved product mix, partly offset by higher finance costs. At the consolidated level, PSO’s share in the Group’s consolidated profit after tax stood at PKR 29.42 billion, with EPS of PKR 62.66, including the contribution of Pakistan Refinery Limited (PRL).
Mr Asif Baigmohamed, Chairman, Board of Management, PSO, congratulated the Board, Management, employees and shareholders, stating: “It is a distinct honour for this Board to have presided over a tenure in which the Company’s profitability has risen by several hundred per cent. This achievement reflects the collective commitment and steadfast confidence of all our stakeholders.”
Commenting on the results, Jawwad Ahmed Cheema, CEO, PSO, said: “This quarter, PSO grew at more than twice the pace of the market while keeping fuel available across Pakistan through one of the most disrupted periods for regional supply in recent years. Our gains in market share reflect the trust our customers place in PSO and the dedication of our people, who delivered these results safely. We are strengthening our supply chain by broadening sourcing options, leveraging domestic refinery supplies and building greater resilience against external disruptions. For PSO, securing energy for Pakistan is more than a commercial responsibility; it is a national duty. As we strengthen our core business and invest in emerging energy opportunities, our commitment remains clear: keeping Pakistan moving today while building a more secure, resilient and sustainable energy future.”
PSO recorded growth across key product segments. Motor gasoline sales rose 23.2% to 968,000 metric tonnes (MT), while high-speed diesel sales grew 12.8% to 759,000 MT, even as national diesel demand contracted. Aviation fuel sales increased 15.5%, with PSO supplying 99.6% of the Jet A-1 market, while lubricant sales grew 17.4% to 9,970 MT.
Amid pressure on regional supply routes, PSO imported 16 cargoes of petroleum products totalling 756,000 MT and uplifted 1.019 million MT of motor gasoline and high-speed diesel from local refineries. By coordinating imports with domestic supplies and leveraging available sourcing options, the Company maintained nationwide fuel availability. PSO also managed Pakistan’s long-term liquefied natural gas (LNG) supply portfolio during a period of supplier force majeure, working with the Government to safeguard supplies to the power and gas sectors. Subsequent to the quarter, PSO signed a government-to-government sale and purchase agreement with Oman’s OQ Trading, broadening Pakistan’s fuel sourcing options and reinforcing the resilience of its energy supply chain.
The Company added 37 retail sites during the quarter, taking its network to 3,727 outlets, the largest in Pakistan, and expanded its electric vehicle (EV) charging network to 16 locations. Through PSO Renewable Energy and its investments in renewable energy and storage, alongside progress on PRL’s expansion and upgrade project, PSO is diversifying its business, strengthening its capabilities and preparing for the country’s evolving energy requirements.
Beyond its operations, the PSO CSR Trust contributed PKR 112 million to education, healthcare and community development across Pakistan, reflecting the Company’s commitment to creating a positive and lasting impact on the communities it serves.
Looking ahead, PSO will strengthen Pakistan’s energy security by diversifying supply sources, reinforcing its supply chain and investing in critical infrastructure and emerging energy solutions. Building on its nationwide presence and core capabilities, the Company is positioning itself to navigate the evolving energy landscape and advance towards a more sustainable future. With a legacy of keeping Pakistan moving, PSO remains focused on powering the nation’s progress and enabling a future of greater opportunity and prosperity for generations to come.
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