Hike in petroleum prices challenged in LHC

LAHORE,: Hike in the prices of petroleum products on Saturday has been challenged in Lahore High Court (LHC).

According to details, Oil and Gas Regulatory Authority (OGRA), federal government and others have been made party in the petition.

The plaintiff has requested the court to annul the decision of increasing prices 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.

As per the notification the hike will be observed from January 1. According to details, PM has given a maximum relief on the levied priced of IMF while the increase of the prices was suggested by OGRA.