Fuel prices to come down by 8 paisas per litre: finance minister

Miftah Ismail assures masses that electricity tariffs will start declining from October this year

Amid the coalition government’s indecisiveness over fortnightly fuel price change, Finance Minister Miftah Ismail has said that the prices of petroleum products will witness a nominal change of Re0.08 per litre.

Speaking to a local TV channel on Saturday, the federal minister said the petrol or diesel will either be increased or decreased and added that the final decision on fuel prices will be taken today (Sunday).

Speaking about the declining rupee value, Miftah said he cannot predict the exchange rate of the local currency against the dollar but expressed hope that the rupee will witness stability.

However, he added that the government will not intervene to control the rupee value.

He also assured the masses that the electricity tariffs will start declining from October.

The people would enjoy maximum relief in the next two months. Relief and rehabilitation of flood-torn areas are the priorities of the coalition government, he added.

Also read: Inflation witnesses slight reduction

The minister said Qatar, United Arab Emirates (UAE), Saudi Arabia and Asian Development Bank (ADB) are showing keen interest in various sectors of Pakistan.

Qatar was seeking a $3 billion plan to invest in the stock exchange, solar and LNG plants, he added.

Collectively, he said, investment of about $5 billion would be made in different sectors of Pakistan. The ADB alone would provide funds worth $1.5 billion to kick start projects of public interest, he added.

Expressing optimism about the support of world countries, he said: “We will overcome all difficulties being faced in the economic and business sectors with the help of friendly countries and international organisations.”

To a question about the confidence of investors in this region, Miftah said that the government is taking all possible measures to bring improvement in the stock market, currency, and investors' confidence.

(With additional input from APP)