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Petroleum prices: SC directs govt to devise tax cut mechanism

SAMAA | - Posted: Jul 5, 2018 | Last Updated: 3 years ago
Posted: Jul 5, 2018 | Last Updated: 3 years ago

Chief Justice Mian Saqib Nisar has sought explanation from the caretaker government about recent surge in the price of petroleum products.

The CJP has ordered the relevant stakeholders to find a way to bring down the oil prices and ease burden on the common man.

He was hearing a case related to an increase in the price of petroleum products.

“Why have the prices been increased? What’s the justification for custom duty and sales tax?” he inquired from the Attorney General.

The AG told the court that the prices went up on the directive of caretaker PM in the wake of uptick in international oil prices and devaluation of the Rupee.

The Chief Justice ordered the government to come up with a mechanism to reduce the prices by the next hearing, which is on July 8.

On July 1, the price of petrol was increased by around Rs7.5 per litre.

The per litre price of high speed diesel was revised to Rs119.31 after an increase of Rs14. Light diesel was raised to Rs80.91 per litre after a hike of Rs5.92.

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