Petroleum prices raised due to hike in International Market: Ministry

ISLAMABAD, Pakistan: The Ministry of Petroleum on Monday submitted before the Islamabad High Court (IHC) that the government had increased price of petroleum products due to their hike in International Market.

“Yet price of patrol was low as compared to our neighboring countries India, Sri Lanka and Bangladesh,” representative of the ministry apprised this to Justice Shaukat Aziz Siddiqui who was hearing a plea moved by Peer Mazhar Hussain Shah challenging recent increase in prices of petroleum products.

The counsel for the petitioner objected and informed the bench that in last 16 months government increased prices of the petroleum products 15 times which was causing undue inflation in purchasing of general products adding that there should be a fair price control system in the Country.

Meanwhile, representatives of Ministries of Finance and Oil and Gas Regulatory Authority (OGRA) sought more time to submit reply in the plea.

The bench while accepting their plea directed them to submit reply within a week and adjourned further hearing of the case till February 20.

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