Petrol prices cut by 1.21%

Staff Report

KARACHI: The Oil Companies Advisory Committee (OCAC) reduced the prices of petroleum products for the next fortnight from a minimum of 0.21 percent to a maximum of 1.21 percent and fixed the new rate of super petrol (MS 87 Ron) at Rs 35.21 per litre from Rs 35.64, according to an OCAC press release issued Thursday.

The price of light diesel oil has been increased 0.05 paisas or 0.28 percent and fixed at Rs 17.88 from the existing rate of Rs 17.83. The price of kerosene oil will be Rs 19.23 with a decrease of 0.04 paisas or 0.21 percent. HOBC has been fixed at Rs 39.70 from Rs 40.11 per litre after decreasing 0.41 paisas or 1.02 percent.

OCAC has reviewed the fortnightly prices of various petroleum products and decided to decrease them because of the appreciation of the rupee against the dollar, the committee said.

During the last few fortnights, international product prices have risen sharply and this increase was primarily related to the volatile situation in the Middle East. The situation has somewhat eased during the last fortnight and product prices have started declining. Naphtha, kerosene and fuel oil FOB prices have decreased during the last fortnight and combined with the strengthening of the rupee have contributed favourably towards the reduction in consumer prices. The reduction in the prices of Naphtha and kerosene have resulted in a decease in the selling price of JP-1 and JP-4 by Rs 0.76 and Rs 0.58 per litre respectively. The revised sale price of these products are Rs 13.94 and Rs 17.07 per litre.

Based on average international product prices and applicable government levies, consumer prices for various products have been calculated in accordance with the approved mechanism and are being announced accordingly.

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