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Summary
The Supreme Court of Pakistan (SCP) on Tuesday has rejected governments 20 year old formula to determine petroleum prices as the chief justice remarked that crude oil price is Rs 31 according to international prices.Supreme Courts three member bench headed by Chief Justice Iftikhar Muhammad Chaudhry heard two petitions filed about petroleum prices. CJ remarked that only some favorite people were being benefited by LPG prices and benefit of lowering prices in international market had never been transferred to the consumer. According to the price determining formula, Rs 17 billion had been provided to the middle-men in recent years and public was not benefited. Justice Jawad S. Khawaja wondered what the governments were doing and said the cases related to price determination shouldnt be filed in the courts. The court has ordered OGRA and Ministry of Petroleum to present a comparison report on the local and international oil prices in form of a chart before the court. The court adjourned till October 29.
