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The petroleum prices in Pakistan are expected to decline as local currency continued to recover against US dollar, interim Information Minister Murtaza Solangi said on Saturday.
Speaking to the media in Karachi on Saturday, Murtaza Solangi commented on reports that fuel prices could decrease from October 1st. He attributed this possibility to the Pakistani rupee's strengthening against the US dollar in recent days.
The rupee has gained approximately Rs. 30-35 since the interim government launched an administrative crackdown on currency manipulators, smugglers, and black marketeers. These measures were taken after the rupee plummeted to an all-time low against the dollar earlier this month.
Solangi said the rupee's recovery, currently sitting at 291.76 per dollar in the interbank market, has boosted hopes that petrol and diesel rates may reduce at the next fortnightly fuel price review.
However, he also noted that global oil rates are an influencing factor outside of the government's control. International prices set domestic fuel costs in Pakistan.
Nonetheless, the information minister believes citizens will benefit to some degree from the rupee's appreciation versus the dollar. This could lower the price at the pump through reduced import costs.
Currency traders have also expressed confidence that continued crackdowns may strengthen the rupee to below Rs. 250 against the greenback. Their analyses point to increased remittance inflows and reduced dollar demand in the legal market.
Of course, much depends on whether exchange rate gains are sustained. But for now, a drop in domestic fuel rates from October seems a real possibility according to top officials, if the rupee's recovery over the coming weeks remains on its current positive trajectory.
Motorists struggling under record petrol and diesel prices will hope stability and further strengthening materialize for the currency. Only then will fuel cost relief potentially become a reality for consumers.
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