ISLAMABAD: Federal Minister for Finance and Revenue, Dr Abdul Hafeez Sheikh has directed the provincial governments to continue the momentum of strict price monitoring for the provision of basic items at affordable prices.
While chairing the National Price Monitoring Committee (NPMC) meeting on Monday, the minister said, “The government is taking every possible step to provide relief to the people of Pakistan,” according to a statement.
The finance minister also ordered the Ministry of Industries and Production to continuously monitor stocks of sugar, its supply position and prices in the market.
He also directed the Logistics Committee constituted to apprise him of the supply of wheat and sugar in the country on a regular basis
Meanwhile, NPMC reviewed the price trend of essential commodities especially wheat flour, eggs, chicken, sugar and edible oil during the last week.
The finance secretary outlined the significant decline in year-on-year CPI to 5.7% in January 2021 as compared to 14.6% in January last year.
The NPMC appreciated the efforts of the concerned Ministries, and provincial governments for vigilant monitoring of the prices of essential commodities and urged to continue the momentum to provide maximum relief to the general public.
The secretary, Ministry of NFS&R informed NPMC that the wheat stock position was enough for domestic consumption and the average per day release by the provinces was also stable.
The NPMC ordered the authorities concerned at provincial levels to keep a close watch on the prices of wheat and sugar in the market to avoid hoarding, black marketing and smuggling to make sure uninterrupted supply at affordable prices.
The secretary, Ministry of Industries and Production updated NPMC about the fluctuation in international prices of Palm and Soyabean oils which in turn, drives the prices of edible oil in the domestic market.
The secretary further apprised the meeting that arrangements were underway to import sugar which will ensure its smooth supply in the domestic market. There would be augmented production of sugar during the current crushing season as per the latest estimates, he added.
The Finance minister appreciated the mechanism for effective price monitoring and sound decision making. Earlier, Prime Minister Imran Khan had approved proposed measures aimed at controlling rising prices of basic commodities’ in the country. The meeting mulled over measures to reduce the prices of wheat, sugar, and other essential commodity items.
