KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Magoo on Monday said the US dollar price had fallen by Rs17 since August 2020, but there was no tangible impact on price indices in Pakistan.

He criticised the attitude of various local and multinational companies which at the time of devaluation of the local currency invariably resort to increasing the prices of their products, but now were not inclined to cut rates even by a single rupee.

In a statement, FPCCI’s president said the exchange rate on April 15 was Rs151.25 against the 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 monthly and weekly basis during the past eight months.

He said the dollar rate has significantly dipped and the prices must have come down considerably by now ranging from 20pc to 25pc.

Mr Magoo 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, the authorities must regulate the prices of automobiles to reflect the true current value of the rupee.

Published in Dawn, April 20th, 2021