Frequent Revisions in Petroleum Prices Challenged in Lahore High Court; Judicial Activism Panel Petitions Court to Summon Complete Determination Records
LAHORE: The frequent and fluctuating prices of petroleum products have been clearly raised in the Lahore High Court (LHC) in response to the frequent and continuous variation in the prices in the form of a constitutional petition.
The Judicial Activism Panel had challenged the successive hikes and cuts in fuel rates in the miscellaneous petition. The petitioner’s version was that between October 9 and October 29, petroleum prices had a whopping 15 revisions, with prices rising 11 times and falling three times.
The Lahore High Court has given key highlights of its Petroleum Price Petition.
The petition argues that the regular increases in petroleum product prices has set off a new cycle of inflation in the country that is now burdening the common folks disproportionately.
Volatile pricing: Among the special features highlighted by the applicant was the volatility of the price mechanism, reflected in the number of price changes during a period of less than 3 weeks during October.
Petitioner has prayed that the Lahore High Court direct the concerned authority to produce a comprehensive official record and methodology for fixation of prices of the petroleum products.