Fears grow as oil price rises Hongkong (September 30): A wide range of price increases, from electricity and gas to diesel oil, could result from yesterday's decision by the OPEC countries to raise oil prices by 10 per cent. The decision was made by the OPEC ministers meeting in Vienna. However, oil company sources said last night it was too early to predict the full effect of the increases on goods and services in Hongkong. It would take time for the price increases to work their way through from the port of origin of the oil to the final distribution point. The OPEC ministers have decided to raise the price of oil from October 1. The new price raises the market cost of OPEC oil from US$10.46 to US$11.51. The price will remain frozen until June 30, 1976. The decision was a hard-fought compromise after what was described as the toughest price battle in OPEC's 15-year history. The Shah of Iran's chief oil negotiator yesterday claimed a victory for his imperial master's superior oil price bargaining strategy. He described how Iran-led oil nations bulldozed a lone Saudi Arabian oil giant out of an initial price freeze stand. The U.S. Secretary of State, Dr Henry Kissinger, warned OPEC last week that another major price increase would severely jeopardise hopes for world co-operation in energy problems.