The Minister for Finance, Miftah Ismail, has declared that the prices of edible oil, ghee, and wheat have gone down globally and local prices will follow soon.
Speaking at a press conference in Islamabad, he remarked that the prices of edible oil and ghee may decline to Rs. 100-150 per kg as global prices have shrunk. A tender of wheat was scrapped today in the Economic Coordination Committee (ECC) as the trend in wheat prices descends.
A tender will be issued soon to capture further cuts in international prices. The price of fuel oil in the international market is below $100 per barrel, which is a good indication and will benefit the general public, the minister said.
He stated that non-energy imports are also down, and these price reductions will help to control the current account deficit. The fuel oil requirements for June were high but are likely to fall in July which will help to control the trade deficit, he added.
Minister Ismail also mentioned that another power plant will be operational in Karachi in a couple of days, which will help to control load shedding as which has worsened due to a shortfall of 7,000 MW.
