KARACHI, Oct 31: The Oil Companies Advisory Committee on Wednesday slashed the prices of petroleum products by 0.46 per cent to 8.17 per cent. The new prices will be effective from Nov 1 to 15.

The new price of petrol is fixed at Rs30.26 per litre from Rs 30.51 per litre, and high speed diesel (HSD) is priced at Rs 16.59 per litre from Rs17.33 per litre. High Octane Blending Component (HOBC) will be available at Rs34.32 per litre from previous Rs34.48 per litre. Kerosene oil is now tagged at Rs 14.94 per litre from Rs16.27 per litre. JP-4 and light diesel oil prices have been fixed at Rs14.11 and Rs14.02 per litre as against Rs14.72 and Rs14.48 per litre.

The OCAC attributed the price cut to decline in product prices, says a press release.

Besides, Pakistan State Oil also cut the price of high sulphur fuel oil (HSFO) and light sulphur fuel oil (LSFO) by 8.80 per cent and 2.27 per cent. The new price of HSFO and LSFO are Rs 10,824 per metric tons (pmt) and 12,394 pmt as compared to previous price of Rs11,868 pmt and Rs12,682 pmt respectively.

The PSO linked the price cut to revision in rupee-dollar parity and decrease in fuel oil prices in the Arabian Gulf.