Federal govt decides to appoint Shaukat Tarin as finance adviser

Petrol price still slowest compared to neighbors: Shaukat Tarin

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Islamabad: Finance Minister Shaukat Tarin on Wednesday said that uproar on increase in petrol price is incomprehensible as price of the commodity is still lowest in Pakistan compared to neighboring countries.

Talking to media persons along with Farrukh Habib and Jamshed Cheema, Finance Minister said that government will provide subsidy to the poor people on sugar, ghee, flour and lentils.

Shaukat Tarin said the government had decided to provide tax relief in edible oil to bring the prices of cooking oil and ghee down by Rs40 to Rs50 per kg.

He said coronavirus disturbed global supply chain and whole world went to recession. In 2018, sugar was priced at $240 per ton in the international market but now it costs $430 per ton, he added.

The minister stated that although the international palm oil price has risen sharply by more than 50%, the government still hopes to reduce the price to minimize the burden on the masses.

“In international market, the price of palm oil increased from $760 per MT to $1136 per MT now, while in Pakistan the prices of cooking oil increased by 33%.”

 He further said that government will launch Kamyab Pakistan Program by the end of this month. He added that they are also working to increase income of people and take middle man out of the equation.

Tarin said food inflation in the country slowed down during previous 2-3 months as the urban and rural food inflation in July was 15% and 17% which had been decreased to 9.1% and 10% respectively.

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