ISLAMABAD: On Thursday, Chief Justice of Pakistan Mian Saqib Nisar ordered the relevant stake holders to find the way out so that the prices of petroleum prices decrease.
Chief Justice was heading a three member bench hearing the recent surge in petroleum prices.
Expressing concern at yet another Rs7.5 hike in the price of petroleum, Chief Justice Saqib Nisar asked for justification for the most recent increase in the prices of petroleum products.
The caretaker government approved Saturday night a significant upward revision in petroleum prices, Newsone reported citing an official announcement.
The new rates will be in effect from July 1 (Sunday).
According to the notification, the caretaker government has cited the worsening economic condition as the reason for the price hike.
The new per-litre prices of petrol, diesel, kerosene oil, light diesel, and high-speed diesel are Rs99.50, Rs119.31, Rs87.70, Rs80.91, and Rs105.31 respectively, as per the notification.
This implies a respective price hike of Rs7.54, Rs14.00, Rs3.36, Rs.5.92, and Rs6.55 in petrol, diesel, kerosene oil, light diesel, and high-speed diesel.
Earlier, the Oil and Gas Regulatory Authority (OGRA) had recommended an increase in the prices of petrol, diesel, and kerosene oil by Rs5.40, Rs6.20, and Rs12, respectively, for July 2018.
OGRA forwarded a summary proposing the aforementioned revision to the Petroleum Division of the Ministry of Energy, sources had said.
Prior to the latest development, the caretaker leadership on June 11 had bumped up the prices by Rs4.26, Rs6.55, and Rs4.46 per litre, respectively, for petrol, diesel, and kerosene oil for the June 12-30 period.