Pakistan''s manmade fibre producers has raised Polyester Staple Fibre (PSF) prices by Rs4 per kilogramme, to Rs80.40 after raw material prices soared in the international market.

The PSF prices shot up to 99 cents per kg in recent days from 90-92 cents. PSF dealers said that this hike was mainly attributed to increased international prices of PTA and MEG - the two petrochemical offshoots used as basic raw material for PSF production. Dealers said that PTA prices soared to $630 a tonne a couple of days ago from $590.

Likewise, MEG prices jumped up to $720 a tonne from $650-670. "All PSF manufacturers, in an attempt to ensure an end to the price wars within the industry for the time being, had unanimously approved the price increase", one dealer said.