The largest refiner in Pakistan, Cnergyco is now turning to foreign markets, following a sharp decline in domestic demand. The firm forecasts a 35-40% escalation in fuel oil exportation in the 2026 fiscal year following the new government taxation, 40% in duties and an 18 per cent consumption tax, which drastically reduced domestic sales.
Cnergyico has shipped approximately 80,000 tons, or 95 per cent of production, since July, as compared with 55 per cent last year. The exports in FY2025 were 247,000 tons, and currently with the refiner it is expected to be about 346,000 tons in FY2026. August alone demonstrated a record 242,000 tons of Pakistani fuel oil exported, according to Kpler, highlighting the increased pivot abroad of the industry.
