KARACHI, Jan 15: The Oil Companies Advisory Committee (OCAC) on Tuesday raised prices of petroleum products, ranging from 16 paisa to 60 paisa per litre. The new prices will be effective from January 16 to 31.
The OCAC, in its fortnight review, attributed the price hike to the upward trend in global oil prices.
Buyers will now pay 20 paisa more to buy petrol at Rs29.79 from 29.59 per litre, while the price of diesel has been increased to Rs15.11 from Rs14.47 per litre.
The new price of HOBC is Rs33.99 as compared to Rs33.79 per litre, while kerosene oil will now cost Rs14.48 from Rs13.98 per litre.
Light diesel oil (LDO) will now be sold at Rs12.47 from Rs12.31 per litre. The new price of JP-4 and JP-1 have been fixed at Rs13.86 and Rs10.62 from Rs13.52 and Rs10.16 per litre, respectively.
The OCAC said global prices of various oil products continued upward trend and ended up with increase in average FOB prices as compared with the average prices of the previous fortnight.
The increase is the result of the initial reaction to the decision of the Opec to cut crude oil production by 1.5 million barrels. The rupee remained relatively stable and appreciated marginally against the dollar.
Crude oil prices (Arabian Light) also showed an upward trend during the fortnight and increased by over five per cent. The government has made no changes during the fortnight in petroleum development levy (PDL).
An analyst at a brokerage house said the OCAC should have absorbed the global oil price hike since the rupee had maintained its upper hand against the greenback followed by frequent decline in the war risk surcharge by various shipping companies.
In the previous price adjustment, the government had increased HSD price by 0.75 paisa per litre and 0.25 paisa on petrol, HOBC, kerosene, LDO and JP-4 from January 1, 2002 because of shortfall in the general sales tax (GST) against the budgetary amount in respect of petroleum products.
The government will earn three to four billion rupees in six months due to imposition of PDL.
Transporters have threatened to revert the December 24’s decision of price cut in fares due to price hike in diesel.
President, Karachi Transport Itehad (KTI), Irshad Bukhari, told Dawn on Tuesday that the KTI would meet transport minister shortly to seek approval for increase in transport fares.
“In case the Sindh government fails to comply with our demand of reversing the fares at old level of December 24, then we will decide future course of action,” he said.
In case transporters raise fares, consumers will have to pay additional 50 paisa as bus and mini bus fares and Re1 for coaches, Bukhari said. Transporters had twice cut fares by 50 paisa and Re1 on December 1 and 24, respectively.
FUEL OIL: Pakistan State Oil (PSO) has reduced the prices of high sulphur fuel oil (HSFO) by Rs101 per metric ton. The new price is Rs9,225 pmt. PSO made no change in light sulphur fuel oil (LSFO) at Rs10,909.
Shell Pakistan Limited (SPL) also slashed the price of fuel oil by Rs28.75 pmt to Rs9,228.75 pmt from Rs9,257.50 pmt. The cut in price of fuel oil has been made possible due to a decrease in the fuel oil prices in the Arabian Gulf and downward revision in rupee-dollar parity.
