The Oil Companies Advisory Committee (OCAC) and the oil marketing companies increased the petroleum products prices by Re 1.00 to 1.55 per litre effective from Saturday, May 1.
According to an analyst this is the highest-ever prices increase in the country's history and would increase cost of production. Moreover, the government's task to control inflation rate around 4 percent appeared to be a difficult task.
The pricing committee of OCAC reviewed the prices of the petroleum products on Friday.
The rising trend of the petroleum products in the international market continued during the last fortnight. Naphtha escalated by $13.3 per ton to $324.11 per ton over the last fortnight, which is an increase of 4.3 percent.
The increase in naphtha prices had consequent increase in motor gasoline price, which increased by 4.38 percent or Rs 1.55 per litre.
Average prices of kerosene in the Gulf market touched $40.6 per barrel during the last fortnight, increasing the prices in Pakistan market by 4.34 percent to Rs 24 per litre.
The rupee lost its strength against the US dollar during the fortnight by Re 0.03.
Pakistan State Oil Ltd has increased the high diesel prices by 37 paisa, or 1.47 percent, to Rs 24.37 a litre.
The rising trend in the petroleum products is attributed to stock build-up in the US markets and the uncertain geopolitical situation in the region due to fallout of the war on Iraq.
The OCAC has notified the revised maximum ex-depot sales price at 29 designated locations as under:
The prices are effective May 1, 2004.
===========================================================
Product New Old Increase Change %
-----------------------------------------------------------
Motor spirit 36.92 35.27 1.55 +4.38
High octane 40.87 39.39 1.48 +3.75
Kerosene oil 24.00 23.00 1.00 +4.35
Light diesel oil 21.05 20.02 1.03 +5.14
High speed diesel 24.37 24.02 0.35 +1.47
===========================================================
Comments
Comments are closed.