Good news of drop in petroleum prices on Oct 1: caretaker minister

KARACHI: Caretaker Federal Commerce and Industries Minister Gohar Ejaz has said that he is fully hopeful that people are going to get the good news of a decrease in the prices of petroleum products on October 1 following a reduction in the dollar’s value.

The interim minister made this prediction while talking to media persons along with Sindh Governor Kamran Khan Tessori here at the Governor’s House on Saturday.

He said that prices of electricity would also decrease as a result of the rupee gaining strength in the last couple of days. He told media persons that owing to the actions taken by the interim government, the value of rupee had lately stabilised.

Gohar said the caretaker government had taken administrative action against the elements involved in the purchase of dollars after evading taxes and those who were involved in the illegal flight of dollars from the country.

He said the interim government had established a system to arrest any further fall in the rupee’s value after establishing its writ. Exports had also decreased with the weakening of the rupee as industries had to depend upon imported raw materials.

He reiterated the fullest resolve of the interim government to work round-the-clock for the revival of economic and industrial activities in the country. He said the interim government stood with businessmen and industrialists of Karachi, the economic capital of the country, for this cause.

He said that Karachi-based businesses had an important role in the national economy. He said the caretaker prime minister had directed different ministries and agencies of his government to resolve the problems of Karachi’s industries. The caretaker commerce and industries minister said that he had come to Karachi on the invitation of Sindh governor to learn about the issues of Karachi’s businessmen and industrialists, adding that he had held a marathon interactive session with industrialists of Karachi for the purpose.

Speaking on the occasion, the Sindh governor predicted that the value of dollar would soon be reduced to Rs250 whereas earlier there was an undue increase in the exchange rate.

He said the Chief of Army Staff (COAS), in addition to fighting terrorists violating the territorial integrity of the country, had taken action against the terrorists who had terrorised the national economy. He said the national economy would soon improve due to such emergency rectification measures.

Tessori said that people had the fullest confidence in the armed forces of the country. He said a good team had been looking after governance in the country after the formation of interim government. Serious problems persisting for the last 75 years in the country had to be sorted out through a collective rectification effort in little time. He said that due actions should be taken to improve exports of the country.