With a significant surge in the value of the Pakistani rupee against the US dollar, interim Information Minister Murtaza Solangi has hinted at the possibility of a forthcoming reduction in petroleum prices in the upcoming review scheduled for September 30.
Speaking at a press conference held at the Karachi Press Club on Saturday, the information minister responded to reports indicating that the rupee had appreciated by Rs30 to Rs35 against the US dollar. He attributed this positive trend to administrative measures taken by the interim government in recent days.
Solangi specifically cited the government’s resolute actions, supported by the military, which targeted hoarders, currency smugglers, and participants in the black market. These actions were initiated in response to the rupee’s recent historic decline, which had seen it plummet to Rs308 in the interbank market and soar beyond Rs330 in the open market earlier this month.
The results of these crackdown efforts have been substantial, with the rupee rebounding significantly to 291.76 per dollar in the interbank market, marking its highest value since September 5. Over the past few weeks, the currency has appreciated by 5% or Rs15, thanks to increased dollar inflows from exporters and remittances, in addition to measures implemented by the central bank to encourage legal channels for foreign exchange transactions.
Minister Solangi expressed optimism about a potential reduction in oil prices in the upcoming fuel price announcement, clarifying that the interim government does not directly influence fuel prices as they are linked to international oil rates. He stated, “The public is likely to benefit from a decrease in the value of the dollar.”
During the previous review on September 16, fuel prices had reached a historic high, with the caretaker government increasing petrol prices by more than Rs26 per liter and diesel prices by over Rs17 per liter.
Currently, petrol is being sold at Rs331.1 per liter, while high-speed diesel is priced at Rs329.19 per liter.
