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Petroleum Prices Increased

Islamabad, December 31, 2001.

The international prices for all petroleum products registered both upward
and downward swings but ended with an overall increase in the average FOB
prices during the fortnight. Crude oil prices also increased during the
fortnight due to anticipated oil cut by OPEC. The increase in the product
prices was partly mitigated by the appreciation of the Rupee against the
Effective January 1, 2002, Government has increased Petroleum Development
Levy on HSD by Rs.0.75/litre and Rs.0.25/litre on MS, HOBC, SKO, LDO and JP4. This increase has been necessitated due to shortfall in the GST against
the budgetary amount in respect of petroleum products.
Based on the international prices prevalent in the previous fortnight, the
prices of various petroleum products are being revised in accordance with
the prescribed pricing mechanism approved by the Ministry of Petroleum &
Natural Resources, Government of Pakistan. The Oil Companies Advisory
Committee (OCAC) hereby notifies the revised Ex-Depot Fixed sale price at 29 designated locations effective January 1, 2002 as under:

Ex-Depot Fixed Sale Price

Product ExistingRs/Litre RevisedRs/Litre Increase/(Decrease)Rs/Litre %age

MS 87 RON 28.74 29.59 0.85 2.96
HOBC 32.96 33.79 0.83 2.52
Kerosene Oil 13.41 13.98 0.57 4.25
High Speed Diesel 12.82 14.47 1.65 12.87
Light Speed Oil 11.56 12.31 0.75 6.49
JP-4 12.80 13.52 0.72 5.62

The price for Jet Fuel ((JP-1) for domestic air carriers also registered an
increase and the revised price is Rs.10.08 per litre as against Rs.9.78
during the previous fortnight i.e. an increase of 3.07%.


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