Wednesday, May 13, 2009

SC asks Govt to reduce oil price

The Supreme Court on Tuesday directed the government to reduce the prices of petroleum products or the court itself would issue orders in this regard.
A three-member bench of the Supreme Court, comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Raja Fayyaz Ahmed and Justice Chaudhry Ijaz Ahmed, was hearing a case of overcharging on petroleum products by the government.
The court issued these directions after receiving an interim report on the POL (Petroleum, Oils and Lubricants) prices submitted by the judicial commission, headed by Justice (retd) Rana Bhagwandas.
Chief Justice Iftikhar Muhammad Chaudhry had constituted the commission to probe into oil pricing and profits earned by the government since 2001. Muhammad Ikram Chaudhry, counsel for Iqbal Zafar Jhagra, read out the report submitted by the commission. The chief justice observed that if the government failed to slash the prices of petroleum products, then the court itself would have to pass an order.
The court was surprised to know that local refineries were producing HSD containing 1 pc sulphur (inferior quality) but were charging the price of high quality diesel, which contains 0.5 pc sulphur (superior quality).

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