As the Pakistani rupee continues to gain ground against the US dollar, Caretaker Federal Minister for Commerce, Industries, and Production Gohar Ejaz on Saturday said that the masses can expect some “positive news” regarding the petrol prices.
The domestic currency has shown a remarkable recovery in the past 12 consecutive working days, surging nearly 5% to reach a five-week high at Rs292.78 against the US dollar in the interbank market.
This rate is now only Rs5 away from its pre-caretaker government level.
The rupee’s upward trajectory can be attributed to an increase in the supply of foreign currency in local markets, driven by a crackdown on its smugglers and hoarders.
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"Due to the government's actions, the value of the dollar has decreased, and with a stable currency, prices [of petroleum products] are expected to decrease,” Ejaz said while speaking to the media at Governor House in Karachi.
Emphasising the importance of the business community in Karachi for the entire country, he said, "The trader community in Karachi holds significant importance for Pakistan as a whole."
Sindh Governor Kamran Tessori predicted that the US dollar would reach approximately Rs250 soon, adding that traders have expressed concerns regarding the energy crisis and a decrease in earnings.
Earlier in the day, Ejaz called on the Sindh Governor at Governor House. They discussed the measures to increase industrial production, and continuous supply of electricity and gas to industries especially in the metropolis.
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Tessori said that the people and industrialists were equally worried about electricity load-shedding and increase in rates.
He said that the economic development of the country depended on industrial activity. He further said that if Pakistan’s economic hub Karachi developed then the entire country would also develop.
The caretaker federal minister said that the interim government was taking steps to provide relief to the industrialists.
The caretaker minister’s announcement regarding potential relief in petrol prices has raised hopes among the public, as they eagerly await the government's measures to mitigate the rising cost of living.
The Express Tribune earlier reported that there was a possibility of a decrease in the prices of petroleum products because of the increase in the value of the rupee.
According to the official in the finance ministry, for the next fortnight from October 1, the price of a litre of petrol might fall by Rs11.98 while the rate of high-speed diesel could reduce by Rs9.17 per litre.
They added that the price of kerosene might come down by Rs5.58 per litre. The finance ministry officials said the people would be unable to avail complete relief if the trend of increasing oil prices in the world market continued and the rupee maintained its gains.
However, they continued that if the global oil prices fell, the people would be able to receive maximum relief.
The government will make the final decision on the prices of petroleum products for the next for fortnight on September 30.
(With input from APP)
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