NRL raises base oil prices by 4%

National Refinery Ltd. (NRL) raised base oil prices by 4 to 6 % to Rs 105 (US$1.16) per liter effective January 20, 2012. NRL, the only base oil producer in Pakistan, will use this to offset losses incurred in the second quarter ending December 2011 when base oil prices dropped 15% to Rs 101 (US$1.11) per liter in December, from Rs 119 (US$1.31) in November. Base oil sales contribute about 80% to NRL’s total profit. The company supplies half of the country’s total base oil requirements. (January 21, 2012)