Cnergyico, the biggest refiner in Pakistan, is set to hike its exports of fuel oil by up to 40% in the fiscal year to June 2026 as higher domestic taxes on the fuel are crippling sales in the country, Cnergyico’s vice chairman Usama Qureshi told Reuters on Thursday. This summer, Pakistan hiked the fuel oil taxes in the Finance Act 2025-26, effectively raising the tax on fuel oil sales by around 40%. This is on top of an 18% consumption tax on fuel oil. The oil industry in the world’s fifth-most populous country has urged the government…
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