A petition was filed in the Lahore High Court (LHC) on Thursday seeking reversal of recent increase in prices of petroleum products. The petition has been filed by a citizen named Munir Ahmed through his lawyer Azhar Siddique. He has made the petroleum minister, the Oil and Gas Regulatory Authority (Ogra) and others respondents in the case.The petitioner argued that the increase in petroleum prices was illegal and pleaded the high court to declared the notification issued by the governments to jack up the prices null and void.

Hours after unveiling a 'mini-budget' for the inflation-hit people, the Pakistan Democratic Movement (PDM)-led government Wednesday announced an increase in the price of petrol for the next fortnight, taking the rate to a historic Rs272 per litre.The price of petrol has been moved up to Rs272 per litre after an increase of Rs22.20, a press release from the Finance Division read Wednesday night, noting that the surge has taken place due to the rupee's devaluation against the dollar.

The increase in petroleum prices is part of the government's efforts to revive the much-needed loan programme of the International Monetary Fund (IMF) that is stalled since September last. On Wednesday, Minister for Finance Ishaq Dar presented the Finance Supplementary Bill 2023 in the lower house to fulfill the conditions of the international lender to secure the much-needed loan programme that would help the country stave off default.

Under the budget proposals, General Sales Tax (GST) on luxury items will be increased from 17% to 25% and Federal Excise Duty (FED) on business and first-class air tickets will also be increased to Rs20,000 or 50% — whichever is higher. The finance minister also proposed imposing 10% withholding adjustable advance income tax on bills of wedding functions, and an increase in FED on cigarettes, soft and sugary drinks.

Credit : Independent News Pakistan-INP