KARACHI, Nov 15: The Oil Companies Advisory Committee (OCAC) on Saturday raised prices of petroleum products by 6 to 31 paisa per litre.

The Pakistan State Oil (PSO) and Shell Pakistan Limited also increased the diesel price by 23 paisa per litre. The new prices will remain in force from Nov 16 to Nov 30.

The two companies enhanced the ex-depot fixed sale price of diesel to Rs22.21 from Rs21.98 per litre.

The new ex-depot price of petrol has been fixed at Rs32.90 from Rs32.59 per litre. The committee has raised the price of petrol by Rs2.17 per litre in the last one month.

The committee has fixed the rate of HOBC at Rs36.71 as compared to Rs36.46 per litre, up by 25 paisa per litre. Kerosene oil’s new price has been adjusted at Rs21.47 from Rs21.41 per litre, depicting a rise of six paisa per litre.

Light diesel oil (LDO) is the only exception where, insignificant though, price has been decreased — from Rs17.89 per litre to Rs17.87 per litre.

The committee, in a statement, attributed the price hike in oil products to the upward trend in product prices in the Gulf region during the last couple of weeks due to OPEC supply cut effective from Nov 1, 2003, and fall in USA crude and heating oil stocks.

In the last fortnight, the average price of naphta increased by $5.59 per ton or 2.11 per cent while the average price of kerosene increased by $0.27 per barrel or 0.82 per cent. The average exchange rate of the rupee improved vis-a-vis the dollar by 10 paisa during the fortnight.

Oil analysts expressed surprise over the increase as global prices in world markets had either shown stability or declined during the fortnight.

They said the government should have come out for the rescue of common man by cutting the petroleum development levy (PDL) in the price revision. In this way, the consumers could be saved from paying higher prices.

An oil analyst said that it seems that the government had increased the inland freight margin this time which resulted in price hike.