As the Pakistani rupee gained massively against the US dollar, interim Information Minister Murtaza Solangi hinted at the reduction in petroleum prices in the next fortnight's review — scheduled for September 30.
Speaking to the media at the Karachi Press Club on Saturday, the information minister responded to the news report saying that the rupee gained Rs30 to Rs35 against the greenback due to administrative measures taken by the interim government in the last few days.
He was referring to the military-backed crackdown launched by the authorities against hoarders, currency smugglers and black marketeers after the rupee fell to a historic low of Rs308 in interbank and beyond Rs330 in the open market earlier this month.
The crackdown has helped the rupee gain significantly, recovering to 291.76 per dollar in the interbank market, its highest level since Sept 5.
The currency has gained 5% or Rs15 since then, supported by dollar inflows from exporters and remittances, as well as measures by the central bank to encourage legal channels for foreign exchange transactions.
“There are enough chances that the oil prices will be reduced in the next [fuel prices] announcement,” the minister said adding that the interim government has no role in fuel prices as they are linked with international oil rates.
“[…] people will get some benefit of reduction in the value of the dollar,” he remarked.
In the last fortnight review on Sept 16, the fuel prices reached a historic high after the caretaker government jacked up the petrol price by more than Rs26 and diesel price by over Rs17 per litre.
Currently, petrol is being sold at Rs331.1 per litre while high-speed diesel is available at Rs329.19 per litre.
