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KARACHI : The Oil Marketing Companies (OMCs) have announced increase in furnace oil price by Rs 4,000 per tonne, dealers said. The OMCs on Monday officially announced changes in furnace oil price and started supply of furnace oil on new rates with immediate effect, they added.
According to dealers, the companies including Pakistan State Oil, Caltex and Shell have announced increase of Rs 4,000-4,341 per tonne in furnace oil price. With the current surge, furnace oil price has touched Rs 39,500-40,000 per tonne in the local market. Previously it stood at Rs 35,000-35,500 per tonne. Furnace oil price has surged by about Rs 7,000 per tonne during last 16 days in the local market. It stood at Rs 33,000 per tonne on May 31, 2009, dealers said.
They said that furnace oil price in the local market is constantly on the rise for two months due to rising demand of power generation companies and slow supply. "Actually, oil refineries have increased the furnace oil price, while the OMCs have simply passed it on to consumers," they added.
Copyright Business Recorder, 2009
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