KARACHI, Pakistan, Oct 16 Reuters The Pakistani government is looking to tame inflation with fuel price cuts and a pricecontrol mechanism, caretaker Prime Minister Anwaar ul Haq Kakar said on Monday.
The South Asian country is embarking on a tricky path to economic recovery under a caretaker government after a 3 billion loan programme approved by the International Monetary Fund in July averted a sovereign debt default, but with conditions that complicated efforts to control inflation.
Consequent to substantial reduction in fuel prices, I have directed the concerned authorities at Federal and Provincial level to activate a strict price control mechanism, Kakar said in a post on X, formerly known as Twitter.
He added that efforts should be maintained in transferring the benefit of the cut on prices of commodities.
Effective Monday, the price of petrol dropped by 40 Pakistani rupees to 283.38 rupees a litre, while highspeed diesel cost fell by 15 rupees to 303.18 a litre, as per the ministry.
The finance ministry, in a press release, said the decreasing trend of petroleum prices in the international market and the appreciation of the rupee against the U.S. dollar as reasons for the cut.
Pakistan39;s inflation rate rose to 31.4 yearonyear in September from 27.4 in August, primarily due to high fuel and energy prices.
The rupee hit alltime lows in August before recovering in September to become the best performing currency following a clampdown by authorities on…