LHC moved against POL price hike

LAHORE: A petition challenging the recent increase in fuel prices by the federal government has been filed in the Lahore High Court (LHC).

The plea, brought forth by Advocate Azhar Siddique, names the federal government and the Oil and Gas Regulatory Authority (OGRA) as parties in the case.

Also Read: ‘Pakistan won’t be able to achieve goal of importing cheap Russian oil’

According to the plea, the federal government’s decision to raise the prices of petroleum products is expected to exacerbate inflation, as the prevailing global trend indicates declining petroleum prices.

The petitioner argues that this move by Pakistan goes against the current international pattern of decreasing fuel costs.

The petitioner emphasized that while fuel prices are decreasing worldwide, the government of Pakistan has implemented a further hike, potentially adding to inflationary pressures in the country.

They urged the court to declare the recent increase in fuel prices void, considering the downward trend in international markets.

The petitioner advocates for providing relief to the masses by aligning oil prices with the international market rates.

It was pointed out that, on Tuesday, the federal government increased the price of petrol by Rs19.95 per litre for the next fortnightly review.

Finance Minister Ishaq Dar announced the new prices during a press conference, stating that petrol prices have been increased to Rs272.95 per litre and high-speed diesel to Rs273.40 per litre.

Read: International market determines petrol price: PM