The Oil Companies Advisory Committee and oil marketing companies raised their product prices in the range of 0.84 rupee to 1.75 rupees per litre effective from January 16, in line with international trends.
The fortnightly meeting of the relevant sub-committee of Oil Companies Advisory Committee (OCAC) took place on Thursday to review the prices of various petroleum products.
Oil prices in international market continued upward trend due to drop in distillate stocks in USA and geo-political condition in the Middle East. Consequently, Light Arabian crude increased by 2.15 percent versus last fortnight, which is currently at $30.28 per barrel. In tandem with crude price, the product prices also registered increase, Naphtha by 31.77 dollars per tonne or 9.9 percent and kerosene by 1.79 dollars per barrel.
Based on the average international product prices and applicable government levies, the consumer prices for various products have been calculated in accordance with the approved mechanism and are being announced accordingly.
Pakistan State Oil Ltd and Shell Pakistan raised the high speed diesel prices by Rs 1.07 to Rs 23.85 per litre effective for two weeks.
Analysts expect the international oil prices to remain above $30 a barrel for next couple of weeks due to extreme winter conditions in the US and European countries. However, by March-April, Organisation of Petroleum Exporting Countries (Opec) is anticipating a decline of about 7 percent due to decrease in oil demand in summer and increased productivity of non-Opec countries.
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The oil prices in rupees per litre
Product New Old Increase Change %
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Motor spirit 35.48 33.78 1.70 5.03
High Octane 39.42 37.67 1.75 4.65
Kerosene oil 23.22 22.38 0.84 3.75
Light diesel oil 19.62 18.63 0.99 5.31
High speed diesel 23.85 22.78 1.07 4.70
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