KARACHI: As the price of wheat surged by up to 10-20% on the outlook for a possible delay in sowing of the staple crop in October and doubling of the grain support price to Rs4,000 per 40 per kg by the Sindh government for the next cultivation season, the mill owners on Saturday sought permission for the import of the commodity.
Meanwhile, a special session of the National Flood Response Coordination Centre (NFRCC) was told that sufficient stock of wheat was being maintained in the country and that there was no shortage of the commodity.
Pakistan Flour Mills Association (PFMA) Chairman Chaudhry Aamir said that wheat was being sold between Rs9,100 and Rs9,200 per 100kg in the open market while mill owners were supplying the commodity at Rs105 to Rs106 per kg which was being traded at Rs115 per kg in the retail market.
He said a month ago the price of wheat per 100 kg was Rs7,800 while the rate of flour was Rs82 per kg, adding that Rs1,400 per 100kg of wheat had been increased whereas the price of flour surged by Rs24 per kg.
The PFMA chairman maintained that reserves of wheat were available in the open market to meet the local requirements but profiteers were speculating due to possible delay in the cultivation of the crop following devastating floods in the country.
He hoped that speculation and hoarding of wheat would stop if the government allowed the mill owners to import the commodity, adding that the price of crop and flour would also come down.
Aamir said the wheat stocked in Sindh had been destroyed in the wake of heavy rains and floods and that there were chances that the cultivation would be affected if floodwater did not recede from the wheat belt in October.
Meanwhile, Karachi Retail Grocers Association Chairman Farid Qureshi said the price of all varieties of flour had increased by Rs20 per kg at the retail level.
He said the retail price of chakki flour had risen to Rs130 per kg whereas the rate of fine flour had increased to Rs125 per kg. The price of flour number 2.5 flour had been tagged at Rs120 per kg.
He expressed the hope that the price of flour at the retail level would reduce after the mills received the quota for the commodity from the Sindh government.
