Finance Minister Miftah Ismail said on Thursday that the price of edible oil and ghee has seen a reduction and hoped that the lower prices would translate to an Rs100 to Rs150 reduction in edible oil prices in the local market.
Addressing a press conference along with Ministry of Finance, Privatisation Committee member Bilal Kayani, the finance minister said he was also optimistic about lower prices of petroleum products in the near future and said that as the price of crude in the international market had come down to $100, the people of Pakistan will ‘benefit’ from lower prices at the ‘right time’.
Miftah added that reduced prices will also reduce Pakistan’s import expenditure.
Criticising the Pakistan Tehreek-e-Insaf government, the finance minister reiterated that the previous government had left an economic minefield, but despite challenges, the economy was now stabilising and foreign exchange reserves were improving.
Miftah added that Imran’s government left a ‘historic trade deficit’. Elaborating on the International Monetary Fund’s $6 billion loan programme for Pakistan, the finance minister expressed hope that the remaining issues with the international lender will be resolved soon and the country will recieve the next tranche.
