Petroleum price hike challenged in LHC

LAHORE: The recent hike in prices of petroleum products by the federal government was challenged in the Lahore High Court (LHC), ARY News reported on Thursday.

According to details, Advocate Azhar Siddiq has filed a petition in court on behalf of the judicial activism panel. Oil and Gas Regulatory Authority (OGRA) and the federal government were made respondents in the petition.

The petitioner argued that the ruling coalition has increased the prices of petroleum products, despite fall in the international market. “The prices were increased without taking approval from the federal cabinet,” the petition stated.

The petition further stated that no concrete reasons were provided for the increase in prices of petroleum products, urging the Lahore High Court (LHC) to declare the hike null and void.

A day earlier, the federal government once again jacked up the prices of petroleum products by Rs10 per litre for the first half of September 2022.

According to a notification issued by the Finance Division, the price of petrol saw an increase of Rs2.07, high-speed diesel by Rs2.99 per litre. The price of kerosene oil increased up to Rs10.92 per litre while light diesel jacked up by Rs9.79.

Govt to increase levy by Rs50 per litre

Earlier, it emerged that Pakistan has assured the International Monetary Fund (IMF) to gradually increase the levy on petroleum products up to Rs50 per litre, ARY News reported, quoting well-placed sources.

In the LOI, Pakistan has assured the international lender to gradually increase the levy on petroleum products to Rs50 per litre.