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April 20, 2021

FPCCI slams pharma, auto firms

Business

April 20, 2021

KARACHI: The US dollar witnessed a sharp decline of a significant Rs17 during the last eight months but there was no tangible impact on the price indices in Pakistan, a statement quoted the apex trade body official, as saying, on Monday.

FPCCI President Mian Nasser Hyatt Maggo criticised the local and multinational companies, and said these firms increase the prices of their products when the US dollar strengthened but never decreased the prices of their products when the rupee gained against the greenback.

The FPCCI president said the exchange rate in Pakistan on April 15, 2021 was Rs151.25 against the dollar; while in August 2020, it was recorded at the highest of 168.87.

After this escalation, all import-oriented companies had increased their prices; especially the pharmaceutical and automobile sectors. In fact, they were found busy enhancing their prices on a weekly and monthly basis during the last eight months.

However, today when the dollar is almost Rs17 down, there was no reduction in prices; while those prices must have come down considerably by now - ranging from 20 percent to 25 percent.

Maggo urged the price control and regulatory authorities of pharmaceutical and automobile sectors to take cognizance of the situation and bring down the prices of these essential items at the earliest. Additionally, the authorities must regulate the prices of automobiles to reflect the true value of the rupee currently, he added.