Oil Refineries
Cnergyico, Pakistan's largest refiner, will increase fuel oil exports in response to a sharp drop in sales
Vice chairman of Cnergyico, Pakistan's largest oil refiner, said that the company expects fuel oil exports to increase by 35 to 40 percent during fiscal year 2026. This is because high taxes are reducing domestic sales. In June, Pakistan imposed an additional tax of around 40% on domestic fuel oil sales, in addition to a consumption-based tax of 18%. This effectively closed the market for its refiners. Usama Qreshi said on the sidelines APPEC that the company had exported 80,000 tonnes, or 95%, of its production from July until now, compared to 55% for the previous fiscal year which ended...