KARACHI, Oct 31: The Oil Companies Advisory Committee (OCAC) on Thursday revised the petroleum products prices down by 0.21 to 1.21 per cent. The revised rates will be effective from Nov 1.

The petrol was brought down by 43 paisa to Rs35.21 per litre, HOBC by 41 paisa to Rs39.70 and kerosene by 4 paisa to Rs19.23 per litre.

However, the light diesel oil was raised by 5 paisa to Rs17.88 per litre, says an OCAC press release.

The committee said during the last few fortnights, international product prices had risen sharply and this increase was primarily related to the volatile situation in the Middle East.

The situation somewhat eased during the last fortnight, reflecting on the international prices, which started declining.

The crude oil during the period on average has decreased from $27.55/barrel to $26.71 barrel, a decline of $0.84, while the fortnightly exchange rate improved by Rs0.19.

The committee said that as a result of drop in naphtha and kerosene prices, JP1 and JP 4 also decreased by 76 paisa and 58 paisa per litre respectively, and the revised rates of these products are Rs13.94 and Rs17.07 per litre respectively.