Edible oil reduction to lower price by Rs100-150: Miftah

Finance minister also optimistic about lower prices of pol products in near future as crude oil price comes down

ISLAMABAD:

Finance Minister Miftah Ismail said on Thursday that the price of edible oil and ghee has seen a reduction and hoped that the lower prices would translate to an Rs100 - Rs150 reduction in edible oil prices in the local market.

Addressing a press conference along with Ministry of Finance, Privatisation Committee member Bilal Kayani, the finance minister said he was also optimistic about lower prices of petroleum products in the near future and said that as the price of crude in the international market had come down to $100, the people of Pakistan will 'benefit' from lower prices at the 'right time'.

Miftah added that reduced prices will also reduce Pakistan's import expenditure.

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Criticising the Pakistan Tehreek-e-Insaf (PTI) government, the finance minister reiterated that the previous government had left an economic minefield, but despite challenges, the economy was now stabilising and foreign exchange reserves were improving.

Miftah added that Imran's government left a 'historic trade deficit'. Elaborating on the International Monetary Fund's (IMF) $6 billion loan programme for Pakistan, the finance minister expressed hope that the remaining issues with the international lender will be resolved soon and the country will recieve the next tranche.

He also said prices of flour will reduce in the local market as wheat prices were stabilising in the international market and tenders will be opened soon.

Wheat prices saw historical highs following the start of the Russo-Ukrainian war in February this year as the two countries are major wheat-producing nations in the world.

The finance minister also touched upon the ongoing power shortfall in the country and said the current generation level is lower than the required 30,000, however, he expressed hope that the shortfall will be eliminated in the coming weeks.

Blaming the Imran-led government for the power crisis, he said the PTI government failed to issue timely LNG tenders and the liquified gas is now in short supply.

With Europe now curtailing the use of Russian gas, major LNG producers around the world are now supplying the continent with LNG and the fuel is in short supply for other customers.

Miftah added that a nuclear power plant will be commissioned soon and the government is actively promoting the use of solar energy.

He also criticised the PTI for moving ECP against the free electricity initiative launched by Punjab Chief Minister Hamza Shahbaz. Miftah said while Imran gave relief to real estate tycoons, he is against helping the poorer segments of society.