Karachi: Pakistan's oil marketing companies (OMCs) experienced a slight decline in petroleum offtakes for the fiscal year 2026, impacted by geopolitical conflicts. The industry reported a total of 16,190,000 tons in FY26, a decrease of 1% compared to the 16,320,000 tons recorded in FY25.

According to AKD Securities Limited, while motor spirit (MS) volumes showed resilience by rising 1% year-over-year to 7,677,000 tons, high-speed diesel (HSD) sales recorded a minor dip of 1%, closing at 6,851,000 tons. The report suggests a potential recovery in OMC volumes in fiscal year 2027, as well as progress in resolving the gas circular debt, which could benefit Pakistan State Oil (PSO) due to its significant exposure to RLNG-based receivables. AKD Securities recommends a 'BUY' rating for PSO and Attock Petroleum Limited (APL), with target prices set at PKR 900 and PKR 760 per share by December 2026, respectively.