Singapore, November 28, 2025 – Pakistan’s fuel oil exports have surged to an all-time high in 2025, exceeding 1.4 million tonnes (8.9 million barrels) year-to-date, up more than 16% from the full-year 2024 volume of 1.11–1.2 million tonnes, according to shipping data from Kpler and LSEG.
Imports soar amid domestic shortages and government interventions, soyabean oil rises under US trade pact.
Read more at:https://t.co/WJb9yTSPWX pic.twitter.com/Yh1xAfKmJx— Profit (@Profitpk) November 23, 2025
The bulk of the cargoes — predominantly high-sulphur fuel oil (HSFO) and some very low-sulphur grades — have been shipped to Southeast Asia and the Middle East, adding to regional oversupply and pressuring Asian fuel oil cracks.
Industry sources attribute the export boom to higher domestic taxes introduced in the 2025 budget, which made local sales unprofitable, combined with power plants shifting to coal, LNG, and renewables.
Leading exporters include Pak-Arab Refinery, Cnergyico, Attock Refinery, National Refinery, and Pakistan Refinery. Cnergyico alone exported 247,000 tonnes in the July 2024–June 2025 fiscal year and targets at least 50% growth in 2025–26, aided by increased processing of light-sweet crude and a supply agreement with Vitol for low-sulphur marine fuel.
“Fuel oil is no longer viable for power generation or profitable domestically,” said Syed Nazir Abbas Zaidi, secretary general of the Oil Companies Advisory Council. “The export trend will only strengthen into 2026.”
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