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(Representational) Higher petrol price — Canva/file  Dr Atif Mian says petrol currently 20% cheaper than India. Economist says price needs to remain high to bring current account in balance. Advises high petrol prices must be accompanied by a serious energy transition policy. Internationally acclaimed Pakistani American economist Dr Atif Mian has criticised politicians and journalists arguing in favour of a reduction in petrol prices in Pakistan, saying that such a view is "irresponsible and short-sighted", and explained the need to keep the rates high. He said that Pakistan just had a very serious balance of crisis and it is only due to the International Monetary Fund (IMF) nod that there is some stability in the exchange rate. "This is hardly the time to throw caution to the wind," Dr Mian said. "Pakistan needs a real strategy to get out of the perennial balance of payments trouble," the economist wrote. He elaborated by saying that the coun

Dr Musadik added that it was distressing that the ex-government did not procure Liquefied Natural Gas (LNG) cargoes that were available at the reduced rate of $4 per MMBTU (Metric Million British Thermal Unit) two years ago He said although the price of crude oil had declined in the world market, the rate of refined fuel did not decrease at the matching ratio. He claimed that before leaving the government, the Pakistan Tehreek-i-Insaf (PTI) signed laws that gave the federal government no ability to adjust the gas price set by the Oil and Gas Regulatory Authority (OGRA)   ISLAMABAD: Minister of State for Petroleum Dr Musadik Malik on Thursday said, “The ministry had designed a broader framework under which 50 percent of the country’s total population, including the poorest of the poorest people, would be rescued from the gas price hike.”

Federal Minister for Finance and Revenue Miftah Ismail addressing a press conference in Islamabad on July 7, 2022. — APP "Declining trend in international food and fuel prices would help bring down commodity prices in Pakistan," Miftah says. Prices of edible oil are expected to come down by Rs100 to Rs150 per litre. Finance minister says reserves would further improve once an agreement with IMF is finalised. ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail Thursday said the price of ghee and cooking oil would decline in the coming days as international prices are declining. Addressing a press conference, the finance minister said: "The declining trend in the international food and fuel prices would help bring down commodity prices in Pakistan." Miftah said that 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. He