KARACHI (December 01 2002) : Oil Companies Advisory Committee (OCAC), for the second consecutive fortnight, reduced the oil product prices by as much as 6.4 percent after crude oil prices fell and the rupee gained against the dollar in the past two weeks.
The OCAC said the new prices will be effective from December 1, 2002.
This is the second revision and during the last fortnight Pakistan cut oil prices by as much as 8.6 percent.
Pakistan State Oil Ltd., and Shell Pakistan Ltd., also announced prices for the diesel for the coming two weeks. Both companies cut the high-speed diesel prices by Rs 1.37 per litre or 6.4 percent to Rs 20.01 per litre.
The prices at the international market are down helping the Committee to reduce the prices, an analyst said. He added that decline in oil prices would help local commuters and would give some comfort to the transport industry. They were earlier demanding rate cuts otherwise they have threatened the government that they will go for strike if price of high-speed diesel is not reduced.
According to the release of OCAC, the Committee met on Saturday to review the fortnightly prices of various petroleum products. Based on the average international product prices and applicable government levies, the consumer prices for various products have been calculated with the approved mechanism and are being announced accordingly.
The following are the prices in rupees and litre: