Miftah hints at lowering prices of edible oil and ghee in coming days

Islamabad: The government would reduce prices of ghee and cooking oil in days to come as international prices are declining, federal minister for Finance and Revenue Miftah Ismail said Thursday. 

The minister told a press conference that the declining trend in the international food and fuel prices would help bring down commodity prices in Pakistan.

He said 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.

Ismail 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.

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".

Regarding 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.