KARACHI, Dec 15: The Oil Companies Advisory Committee (OCAC) in its fortnightly review meeting here on Wednesday increased ex-depot prices of petroleum products, effective from Dec 16.

The prices of petrol and light diesel oil have been revised up by Rs2.58 and Rs1.36 to Rs39.50 and Rs22.41, respectively, from Rs36.92 and Rs21.05 per litre. The prices of kerosene and HOBC have also been increased by Rs1.50 and Rs2.86 to Rs25.50 and Rs43.73, from Rs24 and Rs40.87 per litre, respectively.

An announcement of the OCAC said that in order to protect consumers in general and low income segments of society in particular from the unprecedented increase in the oil price, the Government of Pakistan had frozen the domestic prices of petroleum products since May 1, 2004.

In doing so the government had to bear an extra burden of Rs33 billion, the statement further said. It said if the prices had been adjusted in accordance with international oil prices, the local prices of petrol and diesel would have been Rs40.63 and Rs32.29 per litre, respectively, i.e. 10 and 32.5 per cent higher than the current prices.

"It is in this perspective that the government decided to pass on a 'small fraction' of the additional cost to the general consumer," the announcement asserted. Following is the table of petroleum products showing their latest prices.

Maximum ex-depot sale price