KARACHI: The US dollar has been devalued by a significant Rs17 during the last eight months; but there was no tangible impact on the price indices in Pakistan.
President FPCCI, Mian Nasser Hyatt Maggo has criticized and called out the attitude of various local and multinational companies, who at the time of devaluation of Pak Rupee by even one rupee against US dollar invariably resort to increasing in the prices of their products. Counterintuitively, now they were not inclined to reduce their prices even by a single rupee.
In his statement, FPCCI’s president said the exchange rate in Pakistan on 15th April 2021 was Rs151.25 against dollar; while in August 2020 it was recorded at highest of 168.87. After this escalation, all import-oriented companies had increased their prices; especially the pharmaceutical and automobile sectors. In fact, they were found busy enhancing their prices on a monthly and weekly basis during the past eight months.
However, today when the dollar is almost Rs17 down, there was no reduction in prices seen; while those prices must have come down considerably by now – ranging from 20 percent to 25 percent. He urged the price control and regulatory authorities of pharmaceutical and automobile sectors to take cognizance of the situation and bring down the prices of these essential medicines at the earliest for common man. Additionally, authorities must regulate the prices of automobiles to reflect the true value of Pak Rupee currently.