LHC seeks replies over oil firms’ extraordinary profits’ in Pakistan

LAHORE – The Lahore High Court (LHC) on Friday issued notices to all respondents on a petition seeking a judicial inquiry into the alleged extraordinary profits earned by oil marketing companies and refineries amid rising petroleum prices in Pakistan. A two-member bench headed by Justice Abid Aziz Sheikh heard the petition filed by Judicial Panel Activism. The petitioner argued that consumers continued to pay record-high prices for petroleum products while oil marketing companies and refineries earned unprecedented profits. According to the petition, the profits of Pakistan State Oil (PSO) increased by 149 percent, while Attock Petroleum recorded a 92 percent rise. It further claimed that Pakistan Refinery Limited’s profit surged from Rs293 million to Rs25.49 billion, reflecting an increase of more than 8,600 percent. The petition also stated that National Refinery Limited moved from a loss-making position to posting a profit of Rs7.30 billion. It further claimed that PSO had attributed its record earnings to the regional security situation and heightened geopolitical tensions. The petitioner contended that the financial burden of inflation had been borne by the public, while the government and oil companies were the primary beneficiaries. It argued that the government was expected to collect approximately Rs1.7 trillion through the Petroleum Development Levy (PDL), creating what it described as an unfair financial arrangement between the government, oil companies and consumers. The petition requested the court to direct the authorities to produce the complete audit records of all oil marketing companies and relevant institutions and order a judicially supervised investigation into the alleged windfall profits. It also sought an order restraining the government from increasing petroleum product prices or raising the Petroleum Development Levy until meaningful relief is provided to consumers. In addition, the petitioner asked the court to direct the gover