KARACHI: Pakistan’s caretaker information minister Murtaza Solangi said Saturday the government might be able to reduce fuel prices in the country during the next fortnightly review due to the relative increase in the value of the Pakistani rupee against the US dollar in recent weeks.
He issued the statement during a brief media interaction at the Karachi Press Club in response to a question regarding a possible relief in the record rise in petroleum prices which has built massive inflationary pressure on the economy and increased the cost of living in the country.
The country fixes fuel prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity to transfer the impact on domestic consumers.
The government announced a historic increase in the prices of petroleum products last week on Friday, making the per liter petrol rate breach the Rs330 mark for the first time in history.
“We import most the oil and the price in the international market and the amount of money we pay in dollars become two major factors affecting the cost of oil products,” the information minister said.
“But the way our government has reduced the value of the dollar through administrative measures, we will probably pay less rupees to buy petrol,” he continued. “It is therefore highly likely that the price of petrol will come down when the next announcement is made.”
Solangi also responded to questions about the prevailing political situation in the country, specifically about the forthcoming return of Pakistan’s former prime minister Nawaz Sharif from self-exile in London ahead of the national polls in January.
The three-time premier flew out of the country in November 2019 after securing medical bail following his conviction in two corruption references and was later declared an absconder for not returning to Pakistan within a stipulated period.
Sharif and his party have said that all cases against him are politically motivated. However, the announcement of his homecoming on October 21 at the beginning of the month has made his rivals raise the question about whether he was going to surrender himself to the law.
“Nawaz Sharif has been the prime minister of this country three times,” Solangi said. “He is the leader of a very large political party. When he went abroad, he did not break the walls of the prison but got permission from a court and the government of that time. When he returns, he will be treated according to the constitution and law of the country.”
The minister said the media should ask about Sharif’s strategy in the face of all the legal challenges from his political faction, adding he did not know whether he would apply for bail before returning to the country or not.
This is the first time the country’s interim administration has issued a statement about Sharif’s planned return to Pakistan.
Pakistan’s interim administration says fuel price reduction likely in upcoming fortnightly review
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Pakistan’s interim administration says fuel price reduction likely in upcoming fortnightly review
- Caretaker information minister says gradual increase in the rupee value against the US dollar may bring down petrol cost
- Murtaza Solangi also says Pakistan’s three-time prime minister, Nawaz Sharif, will be treated as per the law upon return
Pakistan explores new food export routes, protections for farm supply amid Middle East conflict
- Senior ministers review alternative sea routes, new markets amid the war in Iran
- Pakistan relies heavily on Middle Eastern sea lanes for its imports and exports
ISLAMABAD: Pakistan reviewed the supply of perishable food items and fertilizer stocks on Monday, according to the state media, as the escalating conflict in the Middle East threatens to disrupt shipping routes and energy supplies critical to the country’s trade and agriculture.
The meetings, chaired separately by Deputy Prime Minister and Foreign Minister Ishaq Dar and Food Security Minister Rana Tanveer Hussain, came as tensions following US-Israeli strikes on Iran have raised concerns about the security of key maritime routes and energy markets that underpin Pakistan’s economy.
Pakistan relies heavily on Middle Eastern sea lanes for both fuel imports and exports of agricultural and food products, making disruptions in the region particularly sensitive for the country.
Dar chaired a meeting of the PM’s Committee to review the supply and export of perishable food items, examining steps to maintain domestic availability while ensuring timely exports of surplus produce.
“In the light of evolving regional trade dynamics and disruptions to some traditional routes, the committee explored alternative export pathways, sea routes, and potential new markets,” Radio Pakistan reported after the meeting.
Officials also discussed proposals from exporters and emphasized improving storage facilities, logistics and market access while assessing global demand and pricing trends to support export competitiveness.
In a separate meeting in Islamabad, Food Security Minister Rana Tanveer Hussain said the government would ensure stable fertilizer availability despite regional uncertainties.
“Agricultural productivity and food security will remain protected despite external challenges,” he said while chairing a meeting of the Fertilizer Review Committee.
He stressed the need for close coordination among manufacturers, distributors and provincial authorities to maintain uninterrupted fertilizer supply across the country.
The committee also reviewed fertilizer pricing and distribution mechanisms to prevent artificial shortages and hoarding, officials said, adding that authorities would monitor prices closely to ensure farmers have access to affordable inputs.
