ISLAMABAD: Jamaat-i-Islami (JI) emir Hafiz Naeemur Rehman on Monday approached the Federal Constitutional Court (FCC) against the petroleum levy, arguing that the government had effectively granted itself unrestricted power to tax citizens through executive notifications without parliamentary oversight. The government had announced a petroleum and carbon levy on June 14, 2025, under an iron-clad commitment with the International Monetary Fund (IMF). Last month, the government had cut the levy by Rs80 amid the global oil crisis triggered by the Middle East crisis. However, following the IMF’s condition of restoring an average Rs80 per litre petroleum levy on petrol and high-speed diesel last week, the government passed on a slight reduction in global oil prices to domestic consumers. The petroleum levy on petrol currently stands at Rs117.41 per litre, while the levy on HSD is Rs42.60 per litre. In a petition moved through senior counsel Imran Shafeeq, Rehman sought a declaration from...
India is scrambling to salvage a sinking rupee as surging oil prices linked to the Middle East conflict threaten to disrupt the world’s fastest-growing major economy. The currency has dropped more than 5 per cent since the crisis erupted in February, extending losses from 2025 and making it Asia’s worst-performing major currency in 2026 so far. It hit a record low of over 96 to the dollar on Friday, prompting officials to signal that halting further depreciation is a key macroeconomic priority. India’s central bank has already poured billions of dollars to stabilise the currency, curbed speculative trading and offered a special credit line to oil importers to ease dollar demand. Indian Prime Minister Narendra Modi has also urged voluntary austerity measures to rein in dollar-guzzling imports, including cutting down on gold buying and foreign travel for a year. But the pressure persists. “The whole system has been disturbed,” said Dilip Parmar of stockbroker HDFC Securities, citin...