The Oil Companies Advisory Committee (OCAC) and the oil marketing companies increased the petroleum products between 57 paisa and Rs 1.07 per litre from April 16.
The Pakistan State Oil (PSO), the largest oil-marketing company in the country, has revised the high speed diesel (HSD) price by 2.45 percent to Rs 24.02 from Rs 23.44 per litre a fortnight ago as a result of an upward trend in international oil prices.
A Company spokesman said the relevant Pricing Committee in its meeting observed that the international price of HSD had shown an upward trend during the fortnight under review primarily because of the volatile geopolitical situation in the Arabian Gulf.
Also, the cut of one million barrels per day in the crude product by Opec from April 1, 2004, had led to a crude oil price increase.
The pricing sub-committee of the OCAC met on Thursday to review the prices of the petroleum products.
The rising trend in the international market of crude and petroleum product prices continued during last fortnight, consequently MS price increased by 2.31 percent as Naphtha price escalated by $7.20 per ton. Kerosene and Naphtha average prices touched $35.34 per barrel and $310.78 per ton, respectively in the Arab Gulf market.
The four paisa improvement in dollar-rupee parity during the fortnight did not have any significant impact on petroleum prices. The increasing trend is attributed to (a) stock build up in the US market and (b) cut in production by Opec.
The OCAC hereby notifies the revised maximum ex-depot sales price at 29 designated locations as under:
The prices are effective April 16, 2004.
=========================================================
Product New Old Increase Change
(%)
---------------------------------------------------------
Motor spirit 35.27 34.57 0.80 2.31
High octane 39.39 38.32 1.07 2.79
Kerosene oil 23.00 21.98 1.02 4.64
Light diesel oil 20.02 19.45 0.57 2.93
=========================================================
Comments
Comments are closed.