KARACHI, May 16: The Oil Companies Advisory Committee (OCAC) has reduced the petrol prices by Rs1.25 and other petroleum products by 0.29 paisa to Rs1.77 per litre. The new prices will be effective from May 16-31.

Similarly, the oil marketing companies — Pakistan State Oil, Shell Pakistan Limited and Caltex Oil Pakistan—have announced cut in diesel prices by 0.32 paisa per litre to Rs19.19 from Rs20.23.

The ex-depot sale price of petrol has been fixed at Rs28.88 from Rs30.13 per litre, dropping by 4.15 per cent. The new price of high octane blending component (HOBC) has been fixed at Rs 32.40 as compared to Rs34.17 per litre. The rate of light diesel oil (LDO) has been brought down to Rs16.09 from Rs16.38 per litre. Kerosene price has been decreased to Rs18.53 from Rs19.25 per litre.

In a statement, the OCAC said petroleum prices in the Arab Gulf again reflected a downward trend during the last fortnight. The average price of naphta declined by $15.75 per ton or 7.99 per cent, while the average price of kerosene also plunged by $0.70 per barrel or 2.69 per cent after slightly increasing in the earlier fortnight. The average exchange rate of the rupee vis-a-vis the US dollar fell marginally by 0.02 paisa during the fortnight.

The OCAC said that the consumer prices have been reduced substantially since the last few fortnights. The increase in prices had occurred when the Iraq crisis had reached its peak and since then, substantial reductions have taken place in view of the decline in global oil prices.

The committee has given the comparison of consumer prices effective from March 16 to May 16. In this period, petrol prices have come down by 22 per cent or Rs8.23 per litre to Rs28.88 from Rs37.11 per litre. Rate of HOBC has fallen by 21 per cent or Rs8.71 per litre to Rs32.40 from Rs41.11 per litre. Price of kerosene has plunged by 24.7 per cent or Rs6.09 per litre to Rs18.53 from Rs24.62 per litre. LDO price has been slashed by 23 per cent or Rs4.86 per litre to Rs16.09 from Rs20.95 per litre.