The Lahore High Court (LHC) on Monday summoned a reply from the Petroleum Ministry and the Oil and Gas Regulatory Authority (OGRA) over the recent hike in fuel prices.
LHC bench heard a petition challenging the increase in the prices of petroleum products.
The petitioner has argued that petrol prices have been increased in Pakistan despite downward trend at the international market. How can the fuel prices be increased?
The plaintiff urged the LHC to seek the method of increasing fuel prices from the deputy attorney general of Pakistan.
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.
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, well-placed sources informed.
In the LOI, Pakistan has assured the international lender to gradually increase the levy on petroleum products to Rs50 per litre.