Caretaker government hints at lowering fuel prices

KARACHI:  The caretaker government, after raising petrol and diesel prices by 20 per cent since taking office last month, indicated on Saturday that it might consider lowering fuel rates in the upcoming fortnightly review.

According to Dawn.com, the discussion on fuel prices coincided with a petition filed in the Supreme Court, seeking a declaration that the interim government lacks the authority to substantially increase petroleum prices.

Speaking to journalists at the Karachi Press Club, Federal Minister for Information and Broadcasting Murtaza Solangi provided insights into his optimism concerning petroleum prices.

Solangi explained, “Petroleum prices depend primarily on two factors. Firstly, global oil prices set in the international market, and secondly, the strength of our local currency, as we make payments in US dollars. Currently, I observe that the rupee has strengthened against the dollar due to administrative measures. Based on these factors, there is a strong possibility that petroleum product prices could decrease in the next announcement.”

Read More: Potential Rs12 petrol price drop?

Separately, Caretaker Commerce Minister Dr Gohar Ijaz mentioned ongoing efforts to restore the country’s economy.

During a press conference alongside Sindh Governor Kamran Tessori, Dr Ijaz stated that he had discussed various issues during a three-hour meeting with industrialists in the city. He said that the caretaker prime minister had instructed relevant ministries to address the challenges faced by the business community.

Governor Tessori expressed optimism about economic stability, noting that the army chief is actively combating “economic terrorism” alongside border security concerns. He also mentioned the recent fluctuation in the US dollar’s value, suggesting it would soon decrease to Rs250, marking a positive shift compared to its previous high levels.