Fuel oil prices raised by 9.9 percent

KARACHI (December 17 2002) : Pakistan's oil marketing companies raised prices of fuel oil by as much as 9.9 percent after crude rose and the rupee fell against the dollar in the past two weeks.

Pakistan State Oil Ltd, the country's largest oil supplier, raised fuel oil prices by 9.1 percent to Rs 12,002 ($205) a metric ton, the company said in a statement. Shell Pakistan Ltd, the second largest oil supplier, increased its price by 9.9 percent to Rs 12,110 a ton.

The rupee fell to 58.42 from 58.24 to the dollar in the past two weeks.

Since the September 11 attacks in the US, the rupee had risen 10 percent against the dollar.

Pakistan imports 60 percent of the 8 million tons of fuel oil it consumes annually.

Profits of oil marketing companies may improve as fuel oil and high-speed diesel share largest part of their sales, an analyst said. Cement, textile and power companies use fuel oil in production.

The Oil Companies Advisory Committee on Sunday raised prices of refined oil products by as much as 2.6 percent including motor gasoline, high-speed diesel and kerosene oil.

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