Govt hints at relief in biting oil prices, dollar rate
KARACHI: Having made petrol and diesel costlier by 20 per cent since it took over last month, the caretaker government on Saturday hinted at bringing the rates down at the next fortnightly review and held out the assurance that efforts were underway to stabilise the economy.
The remarks about fuel prices coincided with a petition filed in the Supreme Court, seeking a declaration that the interim government is “not competent to increase the petroleum prices manifold”.
Talking to reporters at the Karachi Press Club, Federal Minister for Information and Broadcasting Murtaza Solangi shared reasons behind his optimism regarding petroleum prices.
“Petroleum prices depend mainly on two factors,” he said in reply to a question about the measures taken by the government to check growing inflation.
“First, it’s the oil prices which are set in the international market and second is the strength of our local currency as we make payments in US dollars. As of today, I see the rupee has gained strength [against the dollar] due to administrative measures. On the basis of these facts, there are strong chances that prices of petroleum products could be reduced in the next announcement.”
Separately, caretaker Commerce Minister Dr Gohar Ijaz said efforts were being made to restore the country’s economy.
Addressing a presser along with Sindh Governor Kamran Tessori, Mr Ijaz said he discussed various issues during a three-hour meeting with the industrialists in the city.
He said the caretaker prime minister had instructed the ministries concerned to address the problems being faced by the business community.
“On the governor’s invitation, I came to Karachi and the problems identified during the meeting with the industrialists will be brought to the prime minister’s notice,” he added.
The governor said there would be economic stability soon as the army chief is fighting against “economic terrorism” alongside the border terrorism.
He said that US dollar had gone up too much and claimed that it would soon be decreased to Rs250. “Earlier, the dollar was not coming down, now its value has started.
Published in Dawn, September 24th, 2023