Oil prices go up

www.dailytimes.com.pk Staff Report

KARACHI: The Oil Companies Advisory Committee (OCAC) raised retail prices of different petroleum products by between 0.98 and 4.39 percent and the price of MS87-RON by Rs 0.32 to Rs 32.96 per litre for the next fortnight, according to a press release issued Friday.

“In the backdrop of the Iraq crisis and a strike that has disrupted crude exports from Venezuela, prices of crude oil and products have undergone a sharp increase,” the press release said. FOB price of Arabian light crude oil during the last fortnight reached a peak of $39.60 per barrel and registered an increase of 6.1 percent when compared to the first fortnight of January 2003, the press release said. The increase in the Arabian Light FOB crude oil price for the month of February 2003 is $2.28 per barrel or 8.6 percent in comparison to the price in December 2002.

“FOB prices of both crude oil and products are at their highest levels since July 2001,” the press release said. “Average exchange rate during the fortnight improved by Rs 0.14 due to the strengthening of the rupee vis-à-vis the US dollar.”

According to the OCAC press release, Arab Gulf FOB prices of Naphtha increased 2.01 percent to $264.81 per tonne from $259.60 per tonne during the first fortnight of January. The price of Arab Gulf kerosene oil increased 4.31 percent to $32.21 per barrel from $30.88 per barrel over the same period.

Product Existing Revised increase Rs/Litre Rs/Litre Rs/Litre MS-87 RON 32.64 32.96 0.32 HOBC 36.55 36.83 0.28 Kerosene Oil 20.62 21.32 0.70 Light Diesel 17.53 18.30 0.77