Press Release Archive

2023-05-10

Karachi: Living up to its core values of Caring and Giving, Pakistan State Oil (PSO) launched a nationwide ration distribution drive to support the underserved communities during the blessed month of Ramadan..

Read more

2023-05-02

Pakistan State Oil (PSO) exhibited exceptional resilience and reported a net profit of PKR 10.3 billion (9MFY22: PKR 64.8 billion) with Earnings Per Share of PKR 21.9. The company’s strong operational performance and strategic thrust helped increase its market share as it continued to display unyielding perseverance and adaptability in the face of ever-changing market conditions..

Read more

2023-01-04

PSO won 'Silver' at the prestigious South Asian Federation of Accountants (SAFA) for Best Presented Annual Report 2021 in the category of Public Sector Entities..

Read more

2022-12-17

Staying true to its commitment of driving the energy sector forward, the leading energy company, Pakistan State Oil (PSO) has added yet another product to its extensive portfolio by introducing the latest technology around the world as per API standards – DEO MAX, the country’s first fully synthetic CK-4 graded diesel engine oil. Being the first of its kind in Pakistan, DEO Max offers longer oil drain interval, enhanced engine protection and reduced emissions. The rising concerns of its predecessor’s (CJ-4) inability to withstand the aggressive and harsh operating environment of technically advanced engines brought forward the need for a new, improved and cost-efficient solution. Since its launch globally, CK-4 engine oils already have a proven performance track record confirming its robustness, reliability and economic efficiency. In comparison to its predecessor CJ-4, CK-4 prolongs the oil change interval up to 60%. Revolutionizing the energy landscape in Pakistan, DEO Max is formulated to deliver exceptional performance in modern as well as pre-dated heavy diesel engines. Technology being used in DEO Max has passed strict performance tests to qualify where API CK-4, CJ-4, CI-4 Plus, CI-4 & CH-4 oils are recommended. Built with the world’s best lubricant additive, DEO Max is available country wide at all PSO retail forecourts, Hi street lubricant markets and also throughout B2B segment. Being the national flag bearer, PSO continues to be at the forefront of introducing new and advanced technologies in every sphere of its operations as it pledges to enhance the fueling experience in Pakistan..

Read more

2022-10-28

The national energy icon, Pakistan State Oil (PSO) reported a profit after tax of PKR 1.2 billion in Q1 of the financial year 2022-2023 while the group posted a net profit after tax of PKR 2.1 billion for the period despite the turbulent quarter. The Board of Management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the first quarter ended September 30, 2022, during the meeting held at the company’s head office in Karachi on October 27, 2022. Geo-political tension continued to cause significant fluctuations in the price of crude oil globally whereas Pakistan experienced historic devastation due to flash floods, affecting one-third of the country and leaving 33 million people homeless. Owing to these uncontrollable factors, the petroleum industry witnessed a sharp decline in consumption of all major products in the quarter as industry volumes decreased by 24.4% in white oil and 16.1% in black oil. Despite the obstruction in intercity movement due to massive flooding in major regions of Sindh, lower Punjab and Baluchistan, PSO continued to fulfill its responsibility, supplying fuel nationwide, maintaining adequate stocks to aid in relief efforts and keep the wheels of the nation’s economy in motion. The company’s market share increased by 1.3% in white oil and 1.6% in black oil, reaching 48.8% and 65.6% respectively. Standing strong with the nation in the time of need once again, PSO contributed approximately PKR 56 million in flood relief efforts and CSR activities while the company’s employees donated two days’ salary for the cause. Further strengthening its robust supply chain and infrastructure, 4000 tons of storages were rehabilitated in the period. Significant headway was also made in innovation, digitization and diversification initiatives with numerous projects in advanced stages of completion. The board expressed concern over mounting trade receivables, noting a significant increase compared to June 30, 2022. The matter is being actively pursued with the concerned authorities for settlement. The management extended its gratitude towards its stakeholders including the Board of Management, Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders and employees for their continued support..

Read more

2022-10-27

The national energy icon, Pakistan State Oil (PSO), convened its 46th Annual General Meeting for financial year 2021-22 on October 26, 2022 in Karachi. Shareholders were apprised about record breaking results as the company surpassed its previous years’ historic financial performance, achieving an all-time high gross revenue of PKR 2.7 trillion (FY21: PKR 1.4 trillion) and a record profit after tax of PKR 86.2 billion (FY21: PKR 29.1 billion) i.e. a 196% increase. The net profit translated into an earning per share of PKR 183.66 (FY21: PKR 62.07). Based on the outstanding financial and operational performance of the company, Board of Management declared a final dividend of PKR 10/- per share (100%) for the financial year 2021-22..

Read more

2022-10-12

PSO won 1st Prize in the Oil & Gas Marketing Companies sector in the Management Association of Pakistan (MAP)'s 37th Corporate Excellence Award 2022. PSO received the award after a detailed analysis and review of various companies' leadership styles, corporate governance, customer focus, human resource, strategic planning, social responsibility, risk management, IT infrastructure, and other key factors..

Read more

2022-10-12

Continuing its legacy of brilliance, PSO raised the bar once again by securing Joint 1st Position in the Fuel and Energy sector at the Best Corporate Report Awards for the year 2021. PSO received the award in recognition of its commitment to promoting accountability and transparency in Corporate Reporting in a ceremony organized by the Joint Committee of the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) held in Karachi on September 27, 2022..

Read more

2021-08-27

PSO the nation's largest energy company was awarded second position in the Fuel and Energy Sector of Best Corporate and Sustainability Report 2020 Awards, jointly held by ICAP and ICMAP..

Read more