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Federal, provincial governments lauded for ensuring uninterrupted wheat supply - Inside Financial Markets

Federal, provincial governments lauded for ensuring uninterrupted wheat supply

– Associated Press of Pakistan

Federal Minister for Finance & Revenue, Dr. Abdul Hafeez Shaikh here on Monday lauded the coordinated and consolidated efforts of the Federal and Provincial governments for ensuring uninterrupted provision of wheat throughout the country.

The minister was chairing the meeting of the National Price Monitoring Committee (NPMC) here, according to press statement issued by the Finance Ministry.

Among others, the meeting was attended by Federal Minister for Industries and Production Hammad Azhar, SAPM on Revenue Dr. Waqar Masood, Provincial Chief Secretaries, Secretary Commerce, Secretary Ministry of Industries and Production, Secretary National Food Security and Research, Additional Secretary Ministry of Planning Development and Special Initiatives, Chairman Federal Board of Reveneu , Member Competition Commission of Pakistan, Chairman Trading Corporation of Pakistan, MD Utility Stores Corporation, Member Pakistan Bureau of Statistics (PBS) and senior officers of the Finance Division.

The Finance Minister emphasized proactive role on behalf of all authorities concerned to ensure smooth provision of essential items at affordable rates to general public.
The NPMC reviewed the price trend of essential commodities especially wheat, sugar and edible oil during the week.

Finance Secretary briefed the meeting about the weekly Sensitive Price Indicator (SPI) and decline in prices of wheat flour, vegetables and eggs due to coordinated efforts of all the Provincial government across the country. On the whole, prices of 08 items registered decline whereas 24 items remained stable during the week.

The Secretary, Ministry of NFS&R briefed NPMC that the current stock of wheat was sufficient for the domestic consumption and average per day release by the provinces was also satisfactory. The prices of wheat flour registered a continuous decline due to improved release of wheat (per day) and its steady supply across the country, he outlined.

The Federal Minister for Industries & Production, Hammad Azhar updated NPMC about the significant decline in the international prices of Palm oil and Soyabean, which would eventually reduce the recent upward pressure on the prices of edible oil in the domestic market.

The Committee directed Ministry of Industries & Production to take necessary measures to ensure that the recent reduction in international prices of edible oil is passed on to the domestic consumers effectively.

Minister for Industries & Production further apprised NPMC that retail price of sugar has witnessed a decline during the week under review and would reduce further as imported sugar would be available soon in the domestic market.

The NPMC appreciated efforts of all relevant authorities to ensure sufficient stock of sugar in coming months.

Member PBS informed the Committee that Provinces are on board for smooth implementation of newly developed dashboard of prices of essential items.

he said, Steps were being taken to make the system fully functional for monitoring price disparity across the Provinces.

Syed Zaki Hussain

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