KARACHI, April 11: The Oil Companies Advisory Committee (OCAC) is holding its scheduled meeting on Monday (April 15) amidst market reports that prices of petroleum products for the consumers may remain unchanged for next fortnight.

A loud whisper going around the market suggests that the government has, at least for the month of April, capped the retail prices of all the petroleum products. This is despite international prices of crude jumping up to around $27 a barrel in the last 10 days following the Iraq’s embargo on oil exports and tension in the Middle East.

“We have issued letters to our members, comprising refinery operators and oil marketing companies (OMC) on Thursday to gather at 3:00 p.m. on Monday to review the prices,” OCAC secretary general Feroz Cowasji told Dawn.

He conceded that international oil prices have gone up, but evaded a reply when asked directly whether the government has decided to keep a freeze on prices until the referendum is over. He said, “the OCAC has not received any intimation from the government in this regard as yet.”

To another question that the OCAC decision on April 15 may again carry remarks like “no change” in various key oil products made on April 2 despite rising global oil prices, he said he was not in a position to say this at the moment.

Reports coming from Islamabad reveal that all steps and measures that go against the public interest has been put on hold till the referendum concludes.

Oil analysts at various brokerage houses again forecast a surge of three to four per cent in domestic oil prices on April 15 price review, but market reports suggest that the government may again interfere.

Research head, Invest Capital and Securities, Mohammad Sohail, said that OMCs after witnessing a troubled period during July- December 2001, might post a recovery in their profits in the existing scenario of higher oil prices in the world markets, resulting in more inventory gains with more profits in absolute terms.