In a significant announcement, Pakistan’s Industry Minister, Gohar Ejaz, has shared some welcome news with the public—petrol prices are set to decrease from October 1st. Speaking to the media alongside Sindh Governor Kamran Tessori after a meeting with business leaders in Karachi, Ejaz cited the recent surge in the value of the US dollar as a major contributor to the rising prices of essential commodities, including petrol.
Ejaz explained that the value of the US dollar has decreased both in the interbank market and the open market. This development, coupled with recent measures to curb the illegal influx of dollars into the country, has stabilized the currency situation. Preventing the unauthorized outflow of dollars has proven to be an effective strategy in this regard.
The Industry Minister projected that the price of the US dollar would decrease by up to 250 Pakistani Rupees, providing significant relief to the general public. He emphasized the government’s commitment to overseeing industry and trade, emphasizing that the reduction in the value of the US dollar would alleviate the burden of inflation that had been exacerbated by its previous surge.
Ejaz noted that the skyrocketing dollar had led to a sharp increase in the cost of living. He cited an example where purchasing gas for 17 dollars only to sell it for 4 dollars was unsustainable and detrimental to the people of Pakistan. Therefore, the forthcoming decrease in the dollar’s value is expected to have a positive impact on daily expenses and inflation rates.
Furthermore, Gohar Ejaz mentioned that there are promising investments in the pipeline through the Special Investment Facilitation Council (SIFC), with substantial capital inflows expected from Saudi Arabia and the United Arab Emirates (UAE).
It is essential to recall that on September 16th, petrol prices in Pakistan had risen to 331.38 Pakistani Rupees per liter, while diesel was priced at 329.18 Pakistani Rupees per liter after a series of price hikes. These developments had put significant financial pressure on ordinary citizens and had raised concerns about the cost of living.
In conclusion, the announcement of a reduction in petrol prices in Pakistan comes as a relief to the general public, offering hope for improved economic conditions. The government’s efforts to stabilize the currency market and its commitment to facilitating foreign investments further contribute to the potential for economic recovery and stability in the country.
