Federal Minister for Finance and Revenue Miftah Ismail addressing a press conference in Islamabad on July 7, 2022. — APP

Govt to reduce price of edible oil, ghee in coming days: Miftah

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Federal Minister for Finance and Revenue Miftah Ismail addressing a press conference in Islamabad on July 7, 2022. — APP

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail Thursday said the price of ghee and cooking oil would decline in the coming days as international prices are declining.

Addressing a press conference, the finance minister said: “The declining trend in the international food and fuel prices would help bring down commodity prices in Pakistan.”

Miftah said that per barrel crude oil prices have come down to $100 from $123, while the prices of edible oil and ghee have also declined from the highest $1,700 per ton to $1,000 per ton.

He further added that the government would pass on the benefit of decreasing international fuel prices to the people “at an appropriate time”, while the prices of edible oil were also expected to come down by Rs100 to Rs150 to make the commodity available at Rs350 to Rs370 per litre.

The minister said that the government was already providing flour and sugar at the rate of Rs40 and Rs70 respectively through Utility Stores Corporation (USC). The prices would further come down keeping in view the downward trend in international wheat prices.

‘Economy under control’

Miftah said the economy was “under control” as the incumbent coalition government “saved it from collapsing” despite huge damages “inflicted by the previous regime”.

He said the government presented a balanced budget, wherein the rich were made to sacrifice and initiatives were launched for the poor, adding that the “budget measures are expected to lead to progress and growth”.

‘Things are getting better’

Commenting on the depleting foreign exchange reserves, the finance minister said that with $2.4 billion provided by China, the foreign exchange reserve position has improved.

The reserves would further improve once an agreement with International Monetary Fund (IMF) is finalised. “Things are getting better,” he remarked.

Incomplete energy projects

Talking about the energy issues, he said, the PTI government did not complete the power projects that were initiated by PML-N and consequently the people had to face load-shedding.

The power project Karot, which should have been started at the beginning of the year, was initiated now while Haveli Bahadur Power Plant –II, for which machinery was put in place in 2018 should have been run in 2019, which is being run now by the incumbent government.

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