KARACHI: Pakistan's oil marketing companies (OMCs) have experienced a decline in petroleum offtakes for September 2026, with total industry sales reaching 1.35 million tons, marking a 2% year-on-year decrease. This decline is attributed to elevated fuel prices and ongoing austerity measures.

According to AKD Securities Limited, while sales of motor spirit (MS) and high-speed diesel (HSD) moderated during the period, sales of residual fuel oil (RFO) saw an increase. This surge is primarily due to disruptions in regasified liquefied natural gas (RLNG) supplies, which have led the power sector to rely more heavily on RFO for electricity generation. Despite the overall decline in sales, Pakistan State Oil (PSO) reported a significant increase in its volumes, closing September with 639,000 tons, a 12% rise from the previous year. Consequently, PSO's market share expanded to a record 47.5%, compared to 41.6% in the same period last year.

Looking ahead, AKD Securities Limited forecasts a 5% year-on-year growth in industry volumes for the fiscal year 2027. This growth is anticipated to be driven by a low base in fiscal year 2026 and expected reductions in fuel prices following the normalization of global oil prices. Such developments are projected to support a recovery in sectors such as freight, agriculture, and consumer mobility. The firm maintains a 'BUY' recommendation on PSO and Attock Petroleum Limited (APL), with target prices set for December 2026 at PKR 900 per share and PKR 760 per share, respectively.