Lubricant prices go up

Pakistan’s lubricant manufacturers have increased prices of all their major brands by Rs6 to Rs10 (7 to 12 US cents) per liter, raising the cost for consumers by up to Rs40 to Rs60 (47 to 70 US cents) per pack of motor oil. Chairman of All Pakistan Lubricants Manufacturers Association Mian Zahid Husain said the reason for the increase in prices was the January 28 rise in lube base oil prices by Rs6.50 (US) per liter. He pointed out that refineries had increased prices of lube base oil by 15% during the last four months and this was the third raise in base oil prices since December 2010. He accused refineries of increasing lube oil prices by creating artificial shortages of base oils in the local market and said that the government needs to take steps to meet the shortage. (February 15, 2011)