Furnace oil: Prices rise by up to Rs3,100 per ton

Prices increased in line with the rising international crude market: officials.

KARACHI: Prices of furnace oil have increased by up to Rs3,100 per ton, in line with the rising international crude market, industry officials said.

Pak-Arab Refinery Company on Friday increased furnace oil price by Rs3,148 to Rs74,595 per ton while National Refinery and Pakistan Refinery jacked up the price by Rs2,659 to Rs71,413 per ton. The price of imported furnace oil rose by Rs1,825 to Rs70,368 per ton.

An industry official said high prices of crude in the international market, because of the volatile political situation in the Middle East and North Africa region, caused the rise in the domestic market.

Prices in the world market stood around $123 per barrel. Besides, furnace oil imports also grew following the gas supply shortfall and decrease in hydel power generation.

Published in The Express Tribune, April 16^th,  2011.