KARACHI, April 30: Consumers were heavily burdened on Friday after a big increase in the price of petrol and related products. The Oil Companies Advisory Committee (OCAC) announced an increase in the price of petrol (motor spirit) by Rs1.55, to Rs36.92 from Rs35.37 per litre and those of other oil products by Re1 to Rs1.48 per litre.

Pakistan State Oil (PSO) and Shell Pakistan Limited (SPL) pushed up the price of diesel to Rs24.37 from Rs24.02 per litre, up by 35 paisa per litre. The new prices will be effective from May 1-15.

The new price of high octane blending component (HOBC) has been raised to Rs40.87 from Rs39.39 per litre, a rise of Rs 1.48 per litre. Kerosene and light diesel oil (LDO) now carry new ex-depot fixed sale price of Rs24 and Rs21.05 against the previous prices of Rs23 and Rs20.02 per litre, up by Re1 and Rs1.03 per litre.

The committee, in a statement, attributed the price hike in domestic oil products to stock building in the US markets and the uncertain geopolitical situation in the region due to the Iraq war fallout.

The OCAC said that the rising trend in prices of the petroleum products in the international markets continued during the last fortnight. Naphta escalated by $13.3 per ton to $324.11 per ton over the fortnight, up by 4.3 per cent. The increase in naphta price had a consequent increase in motor spirit price, which surged by 4.33 per cent or Rs1.55 per litre.

Average prices of kerosene in the Arab Gulf Market touched $40.46 per barrel during the fortnight, thus increasing prices in local markets by 4.34 per cent to Rs24 per litre, it said.

The rupee lost its strength against US dollar during the fortnight by three paisa. On April 15, the OCAC had raised the petrol prices by 80 paisa to Rs35.37 from Rs34.57 per litre, besides raising other product prices by 57 paisa to Rs 1.07 per litre. PSO and Shell Pakistan increased the price of diesel by 58 paisa to Rs24.02 from Rs23.44 per litre.