KARACHI, Sept 30: The Oil Companies Advisory Committee (OCAC) on Friday raised price of petrol by Rs3.68, from a previous rate of Rs52.61 per litre to Rs56.29 per litre. The OCAC announced similar increases in the prices of other petroleum products, which will stay in force for the next 15 days, starting from October 1.

The oil marketing companies separately announced increase in the diesel price by Rs2.59, from Rs34.59 per litre to Rs37.18 per litre.

Kerosene becomes costlier by Rs1.87 per litre. Up to now, it was being sold at Rs31 per litre. The new rates have been fixed at Rs32.87 per litre. The price of HOBC has been fixed at Rs62.77, up by Rs4.37 per litre from the previous rate of Rs58.40.

Light diesel oil (LDO)’s price has been revised upward to Rs30.97 per litre from Rs29.22 per litre, up by Rs1.75 a litre.

The OCAC officials held the fortnightly meeting at 9.30pm instead of holding it in the afternoon, as is the norm.

The government is now expected to keep the oil prices unchanged during the month of October.

The OCAC, a powerful cartel of OMCs, had increased the price of petrol on August 31 by Rs3.67 to Rs52.61 from Rs48.94 per litre. Diesel price had also been enhanced to Rs34.59 from a previous Rs48.94.

In January 2005, petrol and diesel were selling at Rs40.39 and Rs26.21 per litre, respectively. Nine months on, the prices have jumped by Rs15.9 and Rs10.97 per litre, respectively.

The OCAC said the increasing trend of petroleum prices in the international market since May 2004 had resulted in the government absorbing Rs68.5bn by eliminating the PDL.