External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Oil, gas and consumable fuels / Thematic (Sector/Industry)

<ul><li>Pakistan’s Gross Refining Margins (GRMs) averaged US$18.3/bbl in Sep-26, against US$6.2/bbl in Sep-25 and US$30.1/bbl in Aug-26.</li><li>The sharp YoY improvement in GRMs was driven by stronger petroleum product prices amid the US-Iran conflict.</li><li>On a sequential basis, margins were primarily impacted by the faster increase in crude prices relative to product prices, along with the cap on HSD cracks at US$41.89/bbl, effective Aug 20, 2026.</li></ul>

Pakistan’s Gross Refining Margins (GRMs) averaged US$18.3/bbl in Sep-26, against US$6.2/bbl in Sep-25 and US$30.1/bbl in Aug-26.The sharp YoY improvement in GRMs was driven by stronger petroleum product prices amid the US-Iran conflict.On a sequential basis, margins were primarily impacted by the faster increase in crude prices relative to product prices, along with the cap on HSD cracks at US$41.89/bbl, effective Aug 20, 2026.

Pakistan Refinery Monitor: Expected GRMs for Sep-26 Closed at US$18.3/bbl