KARACHI: Urea sales surged 65 per cent month-on-month and 37pc year-on-year to hit an all-time high of 1.356 million tonnes in December 2025 amid sales push from company/dealers through higher discount offerings.

Total urea off take during 2025 clocked in at 6.73m tonnes, up by 2pc YoY compared to 6.57m tonnes in 2024.

Asad Ali of Topline Securities said Engro Fertiliser has maintained a discount around Rs400 per bag during December 2025 but this was rolled back to Rs150 at the start of the new year. Fauji Fertiliser also offered discounts of Rs150-200 per bag during the same period.

The closing inventory of urea was around 0.315m tonnes in December 2025, down from 1.13m tonnes in November 2025, he said.

Total DAP sales during December 2025 were 80,000 tonnes, down 67pc MoM and 42pc YoY. In 2025, total DAP offtake was estimated at 1.3m tonnes, down 18pc YoY, he said, adding that closing inventory of DAP was around 219,000 tonnes in December 2025.

Cement sales rise

The first half of FY26 proved a bit satisfying as cement sales rose 13.11pc to 21.152m tonnes from 18.7m tonnes in the same period last fiscal year, signalling revival in construction activities.

Exports in the above period fell 4pc to 4.631m tonnes from 4.81m tonnes in the same period last fiscal.

As per data of All Pakistan Cement Manufacturers Association (APCMA), total cement despatches (domestic and exports) stood 9.67pc higher to reach 25.783m tonnes from 25.510m tonnes in 6MFY25.

In December 2025, local cement despatches were 3.725m tonnes compared to 3.5m tonnes in December 2024, up by 6.42pc, while exports fell by 21pc during December 2025 from 783,550 tonnes in December 2024 to 621,685 tonnes in December 2025.

However, total cement shipments (domestic and exports) during December 2025 stood at 4.347m tonnes against 4.284m tonnes in December 2024, a rise of 1.47pc.

Uptick in oil demand

The country’s oil sales were recorded at 1.35m tonnes in December 2025, up by 6pc YoY and down by 5pc MoM. The YoY increase was due to economic recovery, lower inflation, and control of smuggling, whereas the MoM decrease in sales was attributable to the 10 days’ strike by the transporters in December 2025.

As per Topline Securities, oil sales during IHFY26 rose by 2pc YoY to 8.2m tonnes from 8.02m tonnes tonnes in IHFY25.

Petrol sales saw a 11pc YoY and 3pc MoM increase to 628,000 tonnes in December 2025, while high-speed diesel (HSD) sales fell by 4pc YoY and 19pc MoM to 553,000 tonnes. Furnace oil (FO) sales for December 2025 were up by 40pc YoY and 130pc MoM to 58,000 tonnes.

The brokerage house said oil sales may grow by seven to 10pc in FY26. The government has set a Petroleum Development Levy collection target of Rs1.47tr for FY26 of which Rs739bn (50pc) has been collected in 1HFY26.

Published in Dawn, January 3rd, 2026