Inside Financial Markets
Sufficient wheat stocks available, NPMC informed - Inside Financial Markets

Sufficient wheat stocks available, NPMC informed

– Associated Press of Pakistan

The National Price Monitoring Committee (NPMC) was informed Monday that currently sufficient stocks of wheat were available to meet existing demands across the country.

The NPMC meeting was chaired by Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh to discuss the prices and supply position of essential food items, according to press statement issued by the Finance Ministry.

The meeting was attended by Minister Industries & Production, Special Assistant to the Prime Minister on Revenue, Provincial Chief Secretaries, Secretary NFS&R, Secretary Industries & Production, Chairman FBR, Chairperson CCP, Executive Director Commerce, Chairman TCP, Manager Coordination Utility Store Corporation (USC), Member PBS, Deputy Commissioner ICT Administration and senior officers of Finance Division.

“The Chair held detailed discussions with the Provincial Chief Secretaries regarding the position of wheat in the provinces and it was informed that at present sufficient quantities are available to meet existing demand,” said a press statement issued by the Finance Ministry.

The committee was informed that the prices of perishable items as well as wheat and sugar were showing downward trend due to the improvement in their supply position and pricing mechanism.

The Committee expressed satisfaction that prices of essential items getting down, the statement added.

The Finance Secretary while presenting the price trend of essential commodities informed that according to the latest Sensitive Price Index (SPI) released by the Pakistan Bureau of Statistics (PBS) there was a decline in the prices of 13 essential commodities, for instance, wheat flour, sugar, onions, tomatoes, and potatoes, while the prices of 17 commodities have increased slightly. The price of 21 items remained stable.

The Committee was also informed that profit margin between the prices of wholesale and retail consumers is also coming down.

The advisor directed the Ministry of Natioal Food Security and Research conduct an emergency meeting with Trading Corporation of Pakistan, Maritimes, KPT and other stakeholders to review the implementation of the schedule regarding offloading of wheat vessels as  decided by the logistic committee.

He further advised the provincial governments to strictly monitor the prices of chicken and ensure smooth supply to minimize the demand supply gap.

The Ministry of Industries & Production was also directed to take necessary measures to control rising prices of edible oil, the statement added.

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)