ISLAMABAD, Feb 8: Apropos of a news item “Petroleum prices to go up by 14 per cent” published in our issue of Feb 8, the petroleum and natural resources ministry has clarified that prices of petroleum products are indexed to the international market price effective July 1, 2001, and the same are adjusted every fortnight by the Oil Companies Advisory Committee under the mechanism approved by the government.

It is, therefore, incorrect to state that prices of all petroleum products are set to go up by 14 per cent across the board in two phases as any increase or decrease in the international market price cannot be predicted.

As regards companies/dealers margin the same is reviewed in accordance with the provision of the petroleum policy from time to time. No decision for any change in these rates has been taken by the government recently, the clarification said.