Karachi: The US dollar has been devalued by a significant Rs 17 during 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 increase in the prices of their products. Counter intuitively, 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 Rs 151.25 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; specially the pharmaceutical and automobile sectors. In fact, they were found busy enhancing their prices on monthly and weekly basis during past eight months.
However, today when dollar is almost 17 rupees down, there was no reduction in prices seen; while those prices must have come down considerably by now – ranging from 20% 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 the 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.