The Lahore High Court (LHC) on Thursday sought policy regarding fixing prices of locally manufactured vehicles.
The LHC bench was hearing a plea challenging the skyrocketing prices of the locally manufactured vehicles.
The plaintiff stated in his plea that the demand for locally manufactured four wheels has increased after ban on the import of vehicles.
The prices of the vehicles are increasing with every passing day and the government has failed in playing its role to stabilize the soaring prices, the applicant said.
The LHC has been pleaded to pass judgment regarding the fixing of the domestically manufactured vehicles and the ban on the import of vehicles should also be relaxed.
Earlier this month, the government had decided in principle to impose a temporary ban on the import of completely built unit (CBU) of vehicles [imported cars] for the next six months (Jan-June 2022) period as well as jacking up regulatory duty (RDs) and additional customs duty (ACD) on 10 to 12 other luxury items in order to curtail yawning current account deficit.
With the approval of a temporary ban on the import of CBU, the government wanted to curtail its import bill to the tune of over $3 billion on annual basis.