KARACHI, May 31: The Oil Companies Advisory Committee (OCAC) on Saturday increased petrol prices by Rs1.24 and other petroleum products by 17 paisa to Rs1.25. The new prices will be effective from June 1 to 15.

The oil marketing companies (OMC) — Pakistan State Oil (PSO) and Shell decided to keep High Speed Diesel (HSD) prices pegged at the previous level of Rs19.91 per litre despite an upward trend in the international oil markets.

The OCAC has fixed ex-depot sale price of petrol at Rs30.12 from Rs28.88 per litre, a rise of 4.29 per cent. The new price of high octane blending component (HOBC) has been raised to Rs33.65 from Rs32.40 per litre, an increase of 3.86 per cent. The rate of light diesel oil was fixed at Rs16.26 from Rs16.09 per litre, while the price of kerosene oil increased to Rs18.79 as compared to Rs18.53 per litre.

The OCAC Press release issued here said the committee has announced the consumer prices for various products calculated in accordance with the approved mechanism based on average international product prices and applicable government levies.

The product prices in the Gulf region had shown a declining trend since the middle of March 2003.

During the fortnightly review the average petroleum product prices in the Gulf region increased, the OCAC said, adding the average price of Naphtha increased by $24.28 per ton or 13.39 per cent, while the average price of kerosene oil increased by $0.72 a barrel or 2.85 per cent.