KARACHI: Minister of State for Finance Bilal Azhar Kayani said on Saturday that a decision on petrol prices, following a reduction in diesel rates, is likely to be taken next Friday in line with global market trends.
He said the government had taken prudent decisions under difficult economic conditions, including adjustments to the petroleum levy. “The diesel levy currently stands at zero, while the petrol levy is Rs80,” he said.
Kayani said Pakistan had regained access to the international Eurobond market after four years, speaking during a visit to the Karachi Chamber of Commerce and Industry (KCCI).
Addressing the business community, he said the federal budget was approaching and consultations with traders were under way. He described Karachi as the backbone of Pakistan’s economic activity and said he would also meet representatives of the Overseas Investors Chamber of Commerce and Industry (OCCI) as well as small traders during his visit.
He said the purpose of his trip to Karachi was to address issues affecting economic growth. “Since February 2024, the government has focused on economic stabilisation,” he said, citing lower inflation, higher foreign exchange reserves and an agreement with the International Monetary Fund (IMF).
Kayani acknowledged that Pakistan’s economy has historically experienced volatility, with periods of GDP growth often coinciding with weakening reserves. He stressed the need for sustainable, private sector-led growth and said the government would continue to facilitate businesses.
Highlighting reforms, he said the prime minister had introduced measures to boost exports, including handing over the management of the Export Development Fund to exporters and holding regular consultations with chambers of commerce. He added that economic stability had been maintained even during challenging periods, with the government continuing to resolve issues through consultation.
The minister said Roshan Digital Accounts had proved successful in attracting overseas Pakistanis and enabling investment flows into the country. “We will continue efforts to bring foreign exchange into Pakistan,” he said, quoting the prime minister as describing exporters as “the crown of our head”.
He also noted that private sector representatives had been inducted into the board of the Small and Medium Enterprises Development Authority (SMEDA).
Kayani further said amendments had been made in last year’s budget to Section 37A of the Federal Board of Revenue law, limiting powers related to the arrest of traders by tax officials.
