KARACHI, Jan 31: The Oil Companies Advisory Committee (OCAC) on Friday increased the prices of all petroleum products by 28 paisa to 77 paisa per litre. The new prices will be effective for Feb 1-15.

The ex-depot sale price of petrol has been raised to Rs32.96 from Rs32.64 per litre, up by one per cent. Similarly, kerosene oil price has been increased to Rs21.32 from Rs20.62 per litre, showing a rise of 3.4 per cent.

HOBC price has been enhanced by 0.77 per cent to Rs36.83 from Rs36.55 per litre, while an increase of 4.4 per cent has been made in the price of light diesel oil to Rs18.30 from Rs17.53 per litre.

In a surprise move, the two leading companies — Pakistan State Oil and Shell Pakistan Limited — have not made any change in the price of high speed diesel (HSD), maintaining it at last fortnight’s price of Rs21.72 per litre despite the fact that the ex-refinery prices have gone up.

Executives of oil marketing companies refused to give any details for keeping the price of diesel unchanged. Market sources, however, said that the continuous criticism by the transporters as well as threat of strikes by them had forced the oil marketing companies to keep the diesel price unchanged, otherwise domestic diesel prices were increased last fortnight owing to rising trend in international prices.

The OCAC said in a statement that the gas oil prices in world markets rose by 5.06 per cent to $31.16 per barrel in the current fortnight from $29.66 per barrel in the previous fortnight. Kerosene oil prices went up to $32.21 per barrel from $30.88, while naphtha became costlier to $264.81 per ton as compared to $259.60 per ton. Fuel oil prices increased to $175.15 per ton from $159.18 per ton.

In the backdrop of the Iraq crisis and a strike that has disrupted crude exports from Venezuela, prices of crude oil and products have undergone a sharp increase. The FOB price of Arabian Light Crude oil during the last fortnight reached $29.60 per barrel, rising by 6.1 per cent as compared to the first fortnight of January. The increase in the Arabian Light FOB crude oil price for January 2003 is $2.28 per barrel or 8.6 per cent in comparison to the price in December 2002.

The FOB prices of both crude oil and products are at their highest level since July 2001. Average exchange rate during the fortnight improved by Rs0.14 due to the strengthening of the rupee against the dollar.

Product Existing Revised Increase/ percentage

Decrease

MS 87 RON 32.64 32.96 0.32 0.98

HOBC 36.55 36.83 0.28 0.77

Kerosene oil 20.62 21.32 0.70 3.39

Light Diesel 17.53 18.30 0.77 4.39