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ISLAMABAD: Economic Coordination Committee (ECC) of the federal cabinet has approved revision of prices of flour and sugar to provide continuous relief to lower segments of society from global inflationary pressure.
Minister for Finance and Revenue Miftah Ismail chaired the meeting. Under the new arrangement, the flour price has been reduced from 950 rupees 20 kg to 800 rupees 20 kg, while sugar price has been reduced from 85 rupees per kg to 70 rupees per kg. The meeting also ordered that discount of 190 rupees per kg on vegetable ghee will be continued.
Earlier, Ministry of Industries and Production submitted a summary on revision of the prices of flour and sugar under the Ramzan Relief Package 2022 which was discontinued after the end of the month.
The committee also directed the Utility Stores Corporation to continue to sell commodities at Ramzan relief package prices under Prime Minister’s Relief Package for the months of May and June 2022.
The meeting allowed PASSCO to procure an additional quantity of 0.50 MMT with the CCL of Rs28.50 billions and permitted Punjab Food Department to procure additional quantity of 1.00 MMT worth Rs145.50 billion in the wake of low production of wheat in the country due to previous government’s failure to provide fertilizers to the growers on time.
The presiding chair said that Sindh government will be allowed to procure additional quantity of wheat once it meets the current procurement target.
The ECC considering the current world scenario, its effects on the world economy and demand-supply situation of wheat in the country, approved 3.00 MMT of wheat import on need basis. The finance minister further directed the concerned authorities to frame modalities for financing and procurement.
Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Industries & Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, federal secretaries and senior officers attended the meeting.
