SC asks justification for hiking fuel prices

ISLAMABAD (92 News) – Expressing concern, the Supreme Court (SC) on Thursday asked justification over hiking fuel prices. A three-member bench headed by Chief Justice of Pakistan (CJP) Saqib Nisar heard a suo motu case related to the surge in petroleum prices. During the hearing, the chief justice asked for justification for the most recent increase in the prices of petroleum products. In the proceedings, Justice Umar Ata Bandial remarked that the tax collection in this way showed the failure of tax authorities, while Justice Ijazul Ahsan observed that it was an unfair policy, the prices of everything increased due to the increase th prices of petrol. The chief Justice asked that why is custom duty and sales tax being levied on petroleum products. He remarked that he wanted experts’ opinion on the continuous price hikes. The deputy attorney-general informed the bench that the surge in petroleum prices was a result of rising global crude oil prices and the weakness in rupee. To this, the CJP directed the relevant stakeholders to find a way to bring down the prices of petroleum products and ease the burden on the common man. The court then adjourned hearing on the case till Sunday, July 8. Earlier, the caretaker government has increased oil prices up to Rs14 per litre for the month of July. On July, the prices of petrol has been increased by around Rs7.5 per litre. The move has been approved by the Oil and Gas Regulatory Authority. Petrol will now be sold at Rs99.50 per litre after an increase of Rs.7.54.