Pakistan Oil Refineries Profit Surges on Strong Global Margins
Pakistan oil refineries profit rose sharply in July-September, with Attock, National and Pakistan Refinery reporting net profit gains of 1,029 to 1,274 percent.
Attock Refinery, National Refinery and Pakistan Refinery each reported net profit growth above 1,000 percent for July-September.
Pakistan Refinery had the sharpest percentage rise, to Rs13.97 billion; Attock Refinery earned the most, Rs18.65 billion.
Stronger international refining margins, inventory gains and higher product sales drove the jump, according to company results and brokerage estimates.
Pakistan Oilfields and Attock Petroleum also grew, by about 51 and 74 percent respectively.
The government cut the diesel pricing ceiling to $38 per barrel from $41.89 on October 20, which may pressure refining margins next quarter.