The annual production of plastic waste is a serious ecological problem as it causes substantial pollution of the environment. Polyethylene terephthalate, a material usually found in disposable plastic bottles, is one of the most popular material used for packaging in the world. In this paper, it is proposed to recycle polyethylene terephthalate waste bottles into benzene-toluene-xylene fraction using a heterogeneous nickel phosphide catalyst formed in situ during the polyethylene terephthalate recycling process. The catalyst obtained was characterized using powder X-ray diffraction, high-resolution transmission electron microscopy, and X-ray photoelectron spectroscopy techniques. The catalyst was shown to contain a Ni2P phase. Its activity was studied in a temperature range of 250–400 °C and a H2 pressure range of 5–9 MPa. The highest selectivity for benzene-toluene-xylene fraction was 93% at quantitative conversion.