The price of edible oil and ghee has decreased, according to Finance Minister Miftah Ismail, who expressed hope that the reduced costs will result in a reduction of Rs100 to Rs150 in the price of edible oil in the local market.
The finance minister expressed optimism about lower petroleum product prices in the near future while speaking at a press conference alongside Bilal Kayani, a member of the Ministry of Finance’s Privatization Committee.
He claimed that because the price of crude on the international market had dropped to $100, Pakistan’s citizens would “benefit” from lower prices at the “right time.”
Miftah noted that lower pricing will also result in lower import costs for Pakistan.
The finance minister continued to criticise the Pakistan Tehreek-e-Insaf (PTI) administration, stating that the previous administration had left an economic minefield but that despite difficulties, the economy was now stabilising and foreign exchange reserves were increasing.
Imran’s administration left behind a “record trade deficit,” Miftah continued. The finance minister explained the $6 billion loan package for Pakistan from the International Monetary Fund (IMF) and expressed optimism that any outstanding concerns will be handled quickly so that the nation may get the next instalment.
Additionally, he stated that because wheat prices were stabilising on the global market and that tenders will soon be opened, flour prices would decrease on the local market.
Due to the fact that Russia and Ukraine are two of the world’s top producers of wheat, wheat prices reached historic highs at the commencement of the Russo-Ukrainian War in February of this year.
The country’s persistent power shortage was also brought up by the finance minister, who noted that current generation levels are below the necessary 30,000, but expressed optimism that the problem would be resolved in the upcoming weeks.
He claimed that the PTI government failed to release LNG tenders in a timely manner, which is why there is currently a shortage of liquified gas, and blamed the Imran-led government for the power problem.
Major LNG producers throughout the world are now supplying Europe with LNG as a result of the continent’s reduction in its reliance on Russian gas, and fuel is in short supply for other consumers.
The government is vigorously supporting the use of solar energy, Miftah continued, and a nuclear power plant will soon be put into operation.
