KARACHI: The petroleum prices in Pakistan are projected to decrease as the domestic currency continues its recovery against the US dollar, as stated by interim Information Minister Murtaza Solangi on Saturday.
During a press conference at the Karachi Press Club on Saturday, the information minister addressed a recent news report, noting that the Pakistani rupee had strengthened by Rs30 to Rs35 against the US dollar.
This strengthening is attributed to the administrative measures implemented by the interim government over the past few days.
Solangi’s remarks were in response to a government-backed crackdown targeting hoarders, currency smugglers, and black market operators, initiated after the rupee reached a historic low of Rs308 in the interbank market and exceeded Rs330 in the open market earlier this month.
This crackdown has played a pivotal role in the significant recovery of the rupee, which has reached its highest level since September 5 at 291.76 per US dollar. Over this period, the currency has appreciated by 5%, equivalent to Rs15, supported by increased dollar inflows from exporters and remittances.
Additionally, the central bank has taken measures to promote legal channels for foreign exchange transactions.
Minister Solangi clarified that while the interim government does not control fuel prices, which are tied to international oil rates, there is a strong likelihood of a reduction in oil prices in the upcoming fuel price announcement.
He added that this reduction would benefit the public as a consequence of the strengthening rupee.
In the most recent review on September 16, fuel prices in Pakistan reached historic highs, with the caretaker government raising petrol prices by more than Rs26 per liter and diesel prices by over Rs17 per liter. Presently, petrol is priced at Rs331.1 per liter, while high-speed diesel is available at Rs329.19 per liter.