Daily Times

ISLAMABAD: Chief Justice of Pakistan (CJP) Saqib Nisar on Thursday ordered concerned authorities and stakeholders to reduce prices of petroleum products.

CJP heading a three-member bench comprising of Justice Ijazul Ahsan and Justice Umar Ata Bandial heard a case pertaining to price hike in petroleum prices.

Nisar during the hearing said directed the stakeholders to figure out a way to reduce the surge in petroleum prices so that relief can be given to common people.

CJP questioned, demanding justification over the recent Rs 7.5 hike in petroleum prices.

Nisar questioned “Why are petroleum prices rising? Why is custom duty and sales tax being levied on petroleum products? We want experts’ opinion on the continous price hike”.

During the hearing, Justice Ahsan observed that the continuous price hike policy was unfair, while Justice Bandial said that the hike equated to indirect taxation.

Deputy Attorney General  (DAG) present in the court informed the bench that the recent hike was due to the rise in global crude oil prices and poor value of the Pakistani Rupee.

To this, CJP said that if the prices were increasing globally, then the taxation needs to be adjusted so that the public doesn’t have to bear all the burden.

Nisar directed the concerned authorities to provide a breakup of petroleum prices from the past three months.

Upon Nisar’s direction, DAG informed the court that the federal government will have to be taken on board, seeking time to tackle the matter.

The court adjourned the hearing until July 8.

Earlier last week, the interim government approved a significant upward revision in petroleum prices to be effective from July 1, 2018.

According to the notification the increased rates of petroleum products are Rs 7.54, Rs 3.36, Rs 5.92 and Rs 6.55 in petrol, diesel, kerosene oil, light diesel and high-speed diesel.

Earlier, Oil and Gas Regulatory Authority (OGRA) had recommended an increase in the prices of petroleum products for July 2018.