Hike in fuel prices challenged in LHC

LAHORE: A petition has been filed in the Lahore High Court (LHC), challenging the recent hike in prices of petroleum products, ARY News reported.

Advocate Azhar Siddique filed a plea in the LHC pertaining to fuel prices.

He stated that the federal government has jacked up the prices of petroleum products which would lead to a further rise in inflation.

The petitioner pleaded with the court to declare the recent increase in fuel prices void.

The Oil & Gas Regulatory Authority (OGRA), federal government and other concerned authorities have been made party in the case.

The federal government on Thursday increased petrol and diesel prices up to Rs30 per litre to reduce fuel subsidies.

GOVT HIKES PETROL, DIESEL PRICES UP TO RS30 PER LITRE

Finance Minister Miftah Ismail made the announcement at a press conference. He had announced to hike the petrol, diesel, light diesel and kerosene oil prices up to Rs30 per litre.

After the recent hike, the new price of petrol is Rs179.86 per litre, high-speed diesel (HSD) Rs174.15, kerosene oil Rs155.56 and light diesel Rs148.31 rupees.

Miftah Ismail had said the government was currently giving a subsidy of Rs56 per litre and so far bore Rs55 billion financial loss within 15 days.