Pakistan’s top refiner Cnergyico to boost fuel oil exports as domestic sales plummet
SINGAPORE: Pakistan’s largest refiner Cnergyico expects to boost fuel oil exports by 35 percent to 40 percent during the fiscal year ending June 2026 as high taxes have cut into domestic sales, its vice chairman said.
Pakistan levied additional taxes of about 40 percent on domestic sales of fuel oil in June, on top of a consumption tax of 18 percent, effectively shutting its refiners out of the domestic market.
The company has exported 80,000 tons, or 95 percent of its production, from July to date, versus 55 percent in the last fiscal year that ended in June, Usama Qureshi told Reuters on the sidelines of the APPEC conference.
Sales of fuel oil, mainly used by ships, typically make up 10 percent to 15 percent of the refiner’s annual revenue.
