KARACHI, Feb 28: The Oil Companies Advisory Committee (OCAC) has increased the price of all petroleum products by 89 paisa to Rs 1.24 per litre. The new prices will be effective from March 1 to 15.

Pakistan State Oil (PSO) and Shell Pakistan Limited (SPL) have also raised the prices of diesel by 1.69 per litre to Rs 25.06 from Rs 23.37 per litre. On Feb 15, both the companies had raised the prices by Rs 1.65 to Rs 23.37 from Rs 21.72 per litre.

The ex-depot fixed sales price of petrol has been raised to Rs 35.74 from Rs 34.51 per litre, up by 3.56 per cent, while the price of high octane blending component (HOBC) has been enhanced by 3.23 per cent to Rs 39.65 from Rs 38.41 per litre.

The new price of kerosene oil has been fixed at Rs 23.81 as compared to Rs 22.90 per litre, while light diesel oil (LDO) prices have been surged by 4.55 per cent to Rs 20.47 from Rs 19.58 per litre.

Secretary-general of the OCAC, in a statement said that international prices of petroleum products continued their upward trend due to the escalating tension on the Iraq front and were reaching levels previously witnessed during the last Gulf War in 1991.

He said the FOB price of Arabian Light Crude oil during the last fortnight reached a new high of $31.39 per barrel, rising by 2.6 per cent as compared to previous fortnight of February.

Similarly, he added, the product prices also continued to increase sharply and the fortnightly average Arab Gulf FOB price of naphta had increased by $19.95 per ton or 6.9 per cent while kerosene by $1.63 per barrel or 4.6 per cent.

Average exchange rate of the rupee vis-a-vis the United States dollar improved marginally by Rs 0.05 only during the fortnight.

Petrol had become costlier by Rs 1.55 per litre and the OCAC had also raised the prices of HOBC, kerosene oil and light diesel oil (LDO) by Rs 1.28 to 1.58 per litre for the period Feb 16 to 28.

On Jan 31, the OCAC had raised the prices of all petroleum products by 28 to 77 paisa per litre.

On Dec 1, petrol was selling at Rs 30.25 per litre as compared to the current increase to Rs 35.74 per litre, showing a rise of 18 per cent. Diesel was available at Rs 20 per litre two months back as compared to new price of Rs 25.06, up by 25 per cent.

Ex-Depot Fixed Sale Price

Product Existing Revised Increase/ %age

(Decrease)

Rs/Ltr Rs/Ltr Rs.Ltr

MS 87 RON 34.51 35.74 1.23 3.56

HOBC 38.41 39.65 1.24 3.23

Kerosene Oil 22.90 23.81 0.91 3.97

Light diesel 19.58 20.47 0.89 4.55