According to the petition, the price increase will raise transportation costs, electricity tariffs, agricultural expenses, and prices of essential food items, placing a heavy burden on citizens. The petitioner also stated that oil marketing companies already hold a 15-day stock of petroleum products, making the hike unjustified.
Siddique asked the court to direct the Oil and Gas Regulatory Authority and the Ministry of Energy to provide details of the available 15-day petroleum reserves. He urged the court to declare the notification regarding the fuel price hike null and void.
The price increase comes amid rising tensions in the Middle East following the ongoing conflict involving the United States, Israel, and Iran, which has disrupted global energy supplies.
The closure of the strategic Strait of Hormuz and attacks on energy infrastructure have pushed international crude oil prices to their highest levels in nearly two years. This prompted the government to adjust domestic petroleum rates to reflect higher import costs.
On Friday, the government sharply increased petrol and high-speed diesel prices by Rs55 per litre. The new price of petrol was set at Rs321 per litre, while high-speed diesel rose to Rs336 per litre. Petroleum Minister Ali Pervaiz Malik announced the revised rates with immediate effect after approval from Prime Minister Shehbaz Sharif.
The government also revised the petroleum levy structure. The levy on petrol increased to a record Rs105,4 per litre, while the levy on diesel was reduced to Rs55 per litre to ease the burden on transport and agriculture sectors. Kerosene oil prices rose by Rs130 per litre to Rs319, and light diesel oil increased by Rs68 to Rs235, reflecting the surge in global fuel prices.
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Officials said global oil markets are highly volatile amid the Middle East tensions. According to Malik, the average Platts price of petrol jumped from $78 to around $107 per barrel within six days, while diesel surged from $88 to nearly $150 per barrel during the same period.
The government stated that the price adjustments were necessary to ensure continued fuel availability amid supply disruptions and rising import costs. Authorities are monitoring global markets and reviewing petroleum pricing weekly as the situation evolves.
