Thursday, December 8, 2022

Rising petroleum products challenged at LHC

The most recent increase in the cost of petroleum products is being challenged in a petition that has been submitted to the Lahore High Court (LHC).

A petition concerning current gas pricing was submitted before the LHC by Advocate Azhar Siddique.

He claimed that the prices of petroleum products had been artificially jacked up by the federal government, which would result in an even greater increase in inflation.

The petitioner argued before the court that the recent increase in the cost of petrol should be declared null and void.

The Oil and Gas Regulatory Authority (OGRA), along with the federal government and any other relevant entities, have been brought into this lawsuit as parties.

On Thursday, the federal government increased the price of gasoline and diesel by up to Rs30 per litre in an effort to minimize the amount of money spent on fuel subsidies.

The announcement was made at a news conference by Miftah Ismail, the Minister of Finance. He had previously declared that the costs of gasoline, diesel, light diesel, and kerosene oil will all be increased by up to Rs30 per liter.

After the most recent increase, the cost of a liter of gasoline is now Rs179.86, a liter of high-speed diesel (HSD) costs Rs174.15, kerosene oil costs Rs155.56, and the price of a liter of light diesel is Rs148.31.

Miftah Ismail had stated that the government was now providing a subsidy of Rs56 per liter and had incurred a financial loss of Rs55 billion during the first 15 days of the subsidy.

A petition concerning current gas pricing was submitted before the LHC by Advocate Azhar Siddique.

He claimed that the prices of petroleum items had been artificially jacked up by the federal government, which would result in an even greater increase in inflation.

The petitioner argued before the court that the recent increase in the cost of petrol should be declared null and void.

The Oil and Gas Regulatory Authority (OGRA), along with the federal government and any other relevant entities, have been brought into this lawsuit as parties.

On Thursday, the federal government increased the price of gasoline and diesel by up to Rs30 per litre in an effort to minimize the amount of money spent on fuel subsidies.

The announcement was made at a news conference by Miftah Ismail, the Minister of Finance. He had previously declared that the costs of gasoline, diesel, light diesel, and kerosene oil will all be increased by up to Rs30 per liter.

Read Also: Govt announces rise in petrol price by Rs30

After the most recent increase, the cost of a liter of gasoline is now Rs179.86, a liter of high-speed diesel (HSD) costs Rs174.15, kerosene oil costs Rs155.56, and the price of a liter of light diesel is Rs148.31.

Miftah Ismail had stated that the government was now providing a subsidy of Rs56 per liter and had incurred a financial loss of Rs55 billion during the first 15 days of the subsidy.

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