Continue to raise oil prices:
ISLAMABAD: Oil marketing companies have increased the rates of both kinds of furnace oils consumed in the country, by around Rs4,000 per tonne for the fortnight as international oil prices continue to move upwards.
Oil marketing companies have raised the price of High sulphur furnace oil by more than Rs4,000 for the fortnight June 15 to June 30, and as per the announcement made by Pakistan State Oil, the largest oil marketing company in the country, the new prices range between Rs39,667 and Rs43,935 per tonne.
The company is offering lowest rates for the import HSFO at Karachi port and the highest at Morgah depot, Rawalpindi.
Oil refineries said that the price of furnace oil has been increased due to an increase in crude oil prices at the international markets.
�Average crude oil prices have gone up by around $15 per barrel to $73 per barrel in the gulf markets during fifteen days of June compared to the average crude oil prices in May,� said a senior refinery official.
Similarly, the prices of Light Sulphur Furnace Oil (LSFO) also witnessed an increase and the latest LSFO prices announced by the PSO is Rs38,592 per tonne.
The LSFO was only produced only by the Attock oil refinery which produces around 40,000tonnes LSFO per month. However the remaining requirement of around 100,000 tonnes was being imported.
With the increase in the furnace oil prices the cost of power generation is also likely to rise, as the key consumer of furnace oil is the power sector, followed by heavy industries including the cement sector, while a considerable quantity is also consumed by the railways.
The HSFO was being consumed by WAPDA and HUBCO, the LSFO was mainly consumed by Kot Addu power Company.
Subject: Continue to raise oil prices: 
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