As the price of crude oil declines, finance minister Miftah Ismail is likewise hopeful about cheaper pricing for petroleum goods in the near future.
ISLAMABAD: Miftah Ismail, the finance minister, announced on Thursday that the price of edible oil and ghee has decreased. He expressed the hope that the reduced prices will result in a drop of Rs100 to Rs150 in the price of edible oil in the local market.
During a news conference, the finance minister expressed his hope for lower petroleum product prices in the near future alongside Bilal Kayani, a member of the Ministry of Finance’s Privatisation Committee.
The people of Pakistan will “benefit” from reduced prices at the “proper time,” he claimed, highlighting the $100 price of crude oil on the world market.
Miftah said that lower pricing will also result in lower import costs for Pakistan.
The finance minister continued to criticize 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 stabilizing and foreign exchange reserves were increasing.
Imran’s administration also left behind a huge trade deficit, He added.
Finance Minister explained the $6 billion loan package for Pakistan from the International Monetary Fund (IMF) and expressed positiveness that any outstanding concerns will be handled quickly so that the nation may get the next payment.
Additionally, he stated that because wheat prices were stabilizing on the global market and that tenders will soon be opened, flour prices would decrease in 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 ongoing 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.
Miftah Ismail 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 usage of Russian gas, and the fuel is in short supply for other consumers.
Miftah Ismail added that the administration is actively pushing the use of solar energy and that a nuclear power plant would soon be put into operation.
He also criticized the PTI for attempting to block the free electricity program that Punjab Chief Minister Hamza Shahbaz had initiated.
While Imran helped real estate magnates, according to Miftah, he is opposed to aiding the less fortunate sections of society.