KARACHI: Having made petrol and diesel costlier by 20 per cent since it took over last mon­th, the caretaker government on Saturday hinted at bringing the rates down at the next fortnightly rev­iew and held out the assurance that efforts were underway to stabilise the economy.

The remarks about fuel prices coincided with a pet­ition filed in the Sup­r­e­me Court, seeking a declaration that the interim government is “not compe­tent to increase the petroleum prices manifold”.

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Talking to reporters at the Karachi Press Club, Federal Minister for Inf­ormation and Broadcas­ting Murtaza Solangi shared reasons behind his optimism regarding petroleum prices.

“Petroleum prices dep­end mainly on two fact­ors,” he said in reply to a question about the measures taken by the government to check growing inflation.

“First, it’s the oil prices which are set in the international market and second is the strength of our local currency as we make payments in US dollars. As of today, I see the rupee has gained strength [aga­inst the dollar] due to administrative measures. On the basis of these facts, there are strong chances that prices of petroleum products could be reduced in the next announcement.”

Separately, caretaker Commerce Minister Dr Gohar Ijaz said efforts were being made to restore the country’s economy.

Addressing a presser along with Sindh Governor Kamran Tessori, Mr Ijaz said he discussed various issues during a three-hour meeting with the industrialists in the city.

He said the caretaker prime minister had instructed the ministries concerned to address the problems being faced by the business community.

“On the governor’s invitation, I came to Karachi and the problems identified during the meeting with the industrialists will be brought to the prime min­ister’s notice,” he added.

The governor said there would be economic stability soon as the army chief is fighting against “economic terrorism” alongside the border terrorism.

He said that US dollar had gone up too much and claimed that it would soon be decreased to Rs250. “Earlier, the dollar was not coming down, now its value has started to decrease.

Published in Dawn, September 24th, 2023