KARACHI, May 4: Chairman Site Association of Industry Muhammad Nisar Shekhani has strongly criticized the Oil Companies Advisory Committee (OCAC) for recent increase in petroleum products by Re1 to Rs1.55 per litre, putting additional burden on consumers.

He rejected the claim of the OCAC of linking the price hike to the stock building in the US markets and uncertain geopolitical situation in the region due to Iraq war fallout.

He refuted the claim on the grounds that it was in the knowledge of the national oil companies that the petroleum prices were increasing and they should have stored the oil as the Sri Lankan oil companies had done.

In a statement he quoted a news item that the Ceylon Petroleum Corporation (CPC) on May 1 said that no price increase would be imposed on any petroleum product including petrol, diesel and kerosene at this moment under the cover of the war situation in the Gulf region.

"We have already stored a bulk stock of petrol, diesel and kerosene for the country's consumption for a period of nearly one month, hence no increase in POL prices, Chairman CPC Daham Wimalasena told a newspaper.