Hike in petroleum prices challenged in LHC

Hike in petroleum prices challenged in LHC

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Lahore: The price increase of petroleum products on Saturday was challenged in the Lahore High Court (LHC).

According to detailed information, the Oil and Gas Regulatory Agency (OGRA), the federal government and other agencies have become parties to the petition.

The plaintiff requested the court to revoke the decision to increase the price of petroleum products.

The developement came after the announcement of government to hike petrol prices by Rs4 on the eve of New Year 2022.

As per Finance Ministry, the petrol will be sold at a price of Rs144.82 per litre. The price of diesel has also been raised by Rs4 after which it will be sold at the rate of Rs141.62 per litre.

The notification mentioned that the price of high speed diesel was raised by Rs4 and will now be sold at Rs141.62 per litre while the rate of light diesel oil will go up to Rs111.06 per litre from Rs107.06 per litre. Similarly, the price of kerosene will go up from Rs109.53 to Rs113.53 per litre.

The rate of light diesel oil will go up to Rs111.06 per litre from Rs107.06 per litre. Similarly, the price of kerosene will go up from Rs109.53 to Rs113.53 per litre.

According to the notice, the interest rate hike will begin on January 1. According to detailed information, PM has given the greatest reduction or exemption to the IMF’s levied price, while OGRA recommends to increase the price.

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