Petroleum prices hike challenged in LHC

LAHORE: A petition has been filed in the Lahore High Court (LHC) on Saturday, challenging the recent hike in petroleum prices.

The petition argued that the fuel prices declining in the world market, while the government increasing petroleum rates in the country.

“Billions of rupees being recovered from the public by selling petrol on the exorbitant rates,” according to the petition.

The oil companies earning record profits with the petrol on expensive rates.

Petition argued that according to the international market the petrol price has not been Rs 310 per litre but Rs270 per litre.

The price of the diesel should be fixed at Rs 293, according to the petition, pleading to the court to issue orders for slashing prices of the petroleum products.

The federal government announced a fresh petrol price hike on Friday, increasing the rates of petrol and high-speed diesel with immediate effect.

The government has increased the petrol price by Rs13.18 per litre for the next week.

According to the notification, the new petrol price has been fixed at Rs310.71 per litre.

The price of high-speed diesel has also been increased by Rs13.80 per litre, taking the new rate to Rs323.30 per litre.

The notification said the revised prices of petroleum products will remain effective for the coming week.

The latest hike in petrol and diesel prices has been attributed to the fresh escalation between the US and Iran following a brief ceasefire.