ISLAMABAD, Nov 30: The Oil Companies Advisory Committee (OCAC) on Sunday raised the prices of almost all the petroleum products by 50 to 69 paisa per litre with effect from Dec 1, 2003.

The oil companies cartel said the prices were increased due to a surge in international oil prices over the last fortnight amid supply worries, geo-political situation and winter buying.

The OCAC announcement said the motor spirit (petrol) rate has been increased by 68 paisa per litre to Rs33.58 from the existing rate of Rs32.90. The price of HOBC (Hi-Octane Blending Component) has also been pushed up by 68 paisa per litre to Rs37.39 from Rs36.71 per litre.

The per liter price of Kerosene oil has gone up by 69 paisa to Rs22.16 from the existing level of Rs21.47 per litre. Similarly, light diesel oil price has moved up by 50 paisa per litre to Rs18.37 from the existing rate of Rs17.87 per litre.

In percentage terms, the POL rates have increased between 1.85 per cent and 3.21 per cent. The Kerosene oil price has increased by 3.21 per cent, followed by light diesel oil by 2.80 per cent. Motor spirit (petrol) and HOBC rates have increased by 2.06 per cent and 1.85 per cent, respectively.

The prices fixed by the OCAC are applicable to only 29 designated depots. The prices at the outlet level would be up to 40 paisa higher than the OCAC rates, varying from company to company.

The oil cartel said the average price of Naphtha increased by $13.66 per ton or 5.06 per cent, while the average price of Kerosene increased by $1.62 per barrel or 4.89 per cent during the last fortnight.

The average exchange rate of rupees improved by Re0.18 against US dollar during the fortnight.