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KARACHI, Oct 1: The Oil Companies Advisory Committee (OCAC) on Tuesday kept the prices “unchanged” of four main oil products for the current fortnight.
The government has again taken a hit on revenue collection for the second time in the last 10 days by reducing the petroleum development levy (PDL) to mitigate the impact of international oil price spiral on consumers as it has increased by 1.93 per cent during the last fortnight.
The committee announced the decision after a gap of one day. In a statement it said that the average fob price of all products had gone up. Gas oil prices had surged to $29.27 per barrel from $28.24. However, fuel oil prices had dropped to $162.60 a ton from $164. Kerosene price also rose to $31.76 a barrel from $30.38, while naphtha price shot up to $239.39 a ton from $233.94 a barrel. Currently light Arabian crude stood at $27.41 a barrel.
The OCAC linked the global oil price hike to volatile situation in the Middle East with the United States pressing its case against Iraq.
However, the fortnightly average exchange rate, however, improved by Rs0.14 due to strengthening of the rupee against the dollar.
DIESEL: Shell has kept diesel price unchanged. The ex-depot price of the diesel would remain at Rs19.75 per litre.
FUEL OIL: Pakistan State Oil has reduced the price of high sulphur fuel oil (HSFO) by 141 per ton or one per cent to Rs13,117 pet ton from 13,258 per ton from October 1.
However, the PSO had claimed in its statement that the international prices had gone up by 4 per cent in the past fortnight due to uncertainties over Iraq and Opec’s decision to cap the production at present level but it had reduced the fuel oil prices.
The claim of PSO had proved wrong as the fob fuel oil prices had plunged to $162.60 per ton from $164 per ton.
Shell Pakistan Limited had also slashed the price of furnace oil by Rs130 per ton to Rs13,110 per ton from Rs13,240.
