The Oil and Gas Regulatory Authority (OGRA) on Sunday raised petrol prices by up to 8.2 percent, contrary to its advice to leave prices unchanged.
The price of petrol crossed the psychological barrier of 100 rupees and was raised from 97.66 rupees (1.07 dollars) to 105.68 rupees (1.16 dollars) or by 8.2 percent.
The price of diesel and high-octane gasoline was increased by 4.5 percent and 7.0 percent respectively. Price of compressed natural gas, an alternate transport fuel, was increased from 77.12 rupees to 88.70 rupees.
On Monday, two separate petitions were filed in the LHC. One by Judicial Activism Panel against hike in petroleum prices while the second by CNG Association, challenging withdrawal of fresh rates and the court’s stay order on the government decision.
Government says the country has to import most of oil and the weak economy and currency have forced the authorities to pass onto citizens the impact of global price hikes due to budget constraints.