KARACHI (December 03 2002) : Pakistan oil marketing companies have cut the prices of fuel oil by 3.4 percent, in line with the declining crude oil prices world-wide.
Pakistan State Oil cut fuel oil prices by 3.4 percent to Rs 11,005 ($187) a tonne, the company said in a statement. Shell Pakistan cut its price by 3.3 percent, to Rs 11,015 a tonne.
Cement, textile and power sectors use fuel oil in production. The government is reducing oil prices at a faster rate to provide relief to the common man, industries and transport sector, an analyst said. “We expect that oil companies may witness inventory losses on account of decline in prices,'' he said.
Pakistan consumes 8 million tonnes fuel oil every year, of which it imports 60 percent. In the four months, through October, imports of crude oil and oil products amounted to $ 934 million, government said.