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Summary SC has sought details of the authority of revising Petrol and CNG prices on weekly basis.
A three member bench of the Supreme Court headed by Chief Justice Iftikhar Muhammad Chaudhry conducted the hearing of a petition against increase in prices of gas.In his statement, Secretary Petroleum Waqar Masood told the court that the prices of gas are reviewed twice a year while the CNG price is reviewed according to consumption of transport fuel that is linked with the prices of Petrol.He said that 80% of petroleum products were imported and the burden increased on the budget if the prices are not increased.The Petroleum Secretary said that the consumers were benefiting from weekly renewal of prices while Rs 46 billion subsidy is being given on gas prices.In his remarks the Chief Justice said that the ECC cannot review the prices after the 18th Amendment and now these matters come under the jurisdiction of CCI.He said that Rana Bhagvan Das Report shows that the price of gas was Rs 17 per kilogram and when the report was published the price reached Rs 50 and now it is Rs 99 per kilogram.He said that gas was basic need of a common man who was badly affected by the increase in prices.The CJ said that why the common consumer bear the burden deficits of companies and distributers. He said loss of Rs 26 billion was caused to the national treasury by offering extra rates to Dewan Group.The SC sought the details of authority of reshuffle in CNG and petrol prices on weekly basis and adjourned the hearing of the case till October 24.
