KARACHI, Oct 31: The Oil Companies Advisory Committee (OCAC) on Friday raised prices of petroleum products by 55 to 87 paisa per litre.

The Pakistan State Oil (PSO) and Shell Pakistan Limited (SPL) also increased the diesel price by 89 paisa per litre.

The two companies nudged up the ex-depot fixed sale price of diesel to Rs21.98 from Rs21.09. They had raised the price of this product by nine paisa a fortnight earlier.

The OCAC has fixed the price of petrol at Rs32.59, up by 56 paisa from the level maintained during the fortnight just ended — Rs32.03 per litre.

The committee had enhanced the petrol price by Rs1.30 per litre in the fortnight before.

The new price of high octane blending component (HOBC) has been pushed up to Rs36.46 from Rs35.88 per litre, showing a rise of 58 paisa per litre.

The committee has increased the rates of kerosene oil and light diesel oil to Rs 21.41 and Rs 17.89, respectively, from Rs20.54 and Rs17.34 per litre.

The OCAC said in a statement that during the last few weeks, the oil products prices in the Arab Gulf region “have been registering an increasing trend” following the announcement of production cuts by OPEC from November 2003. “This coupled with the news of lower heating oil inventories in the west and winter buying has resulted in increase in product prices.” It remains to be seen how prices will react in the coming weeks.

The average price of Naphta increased by $12.07 per ton or 4.79 per cent, while the average price of kerosene increased by $1.99 per barrel or 6.44 per cent. The average exchange rate of the rupee improved against the dollar by 20 paisa during the fortnight.

Maximum Ex-Depot Sale Price

Product Existing Revised Difference %age

Rs/litre Rs/litre Rs/litre

Motor spirit 32.03 32.59 0.56 1.75

HOBC 35.88 36.46 0.58 1.62

Kerosene oil 20.54 21.41 0.87 4.24

Light diesel 17.34 17.89 0.55 3.17