Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the weekly meeting of the National Price Monitoring Committee (NPMC), held at the Finance Division, today.
NPMC reviewed the price trend of essential commodities, especially wheat flour, sugar, vegetable ghee, chicken, and eggs, during the last week.
Minister for Industries and Production, Hammad Azhar, updated the Committee that the Ministry is closely monitoring the current price trend of vegetable ghee/cooking oil, and taking corrective measures to ensure a fair price for the consumers.
The weekly SPI recorded a slight increase of 0.55 percent, whereas prices of eight basic items registered a decline and 18 commodities remained stable during the week under review.
The Secretary Ministry of Industries and Production briefed NPMC about the 11 most essential commodities being offered by the Utility Stores Corporation (USC) at subsidized prices across Pakistan.
The network of Utility Stores Corporation is playing an important role in providing essential items at discounted prices to the masses as the prices of USC are significantly low compared to the prices prevailing in domestic markets, he added.
The Minister for Industries and Production, Hammad Azhar, directed the provinces to expedite the provision of estimates regarding sugar stock needed during the current year. The USC has already arranged the import of 50,000 tons of sugar to ensure its availability at a discounted price, he stated.
Secretary Ministry of National Food Security & Research (NFS&R) apprised NPMC about the sufficient stock of wheat across the country. The NPMC noted price disparity in prices of wheat flour among the provinces and directed the Secretary Food to coordinate with representatives of the provincial governments to ensure a smooth supply of wheat at fair prices across the board.
The NPMC also directed Member, PBS, to give a detailed briefing to the Chief Secretaries about the methodology of data collection across different markets in respective provinces. The underlying rationale is to work out a national average of prices of basic commodities, which reflects the situation on the ground accurately.
The representatives of the Punjab and Sindh Governments informed the NPMC that the increase in prices of chicken and eggs is mainly due to seasonal factors. The NPMC directed the provincial governments to take corrective measures and ensure the supply of chicken and eggs at affordable prices throughout the country.
The Finance Minister reiterated the firm commitment of the Government to ensure the provision of essential commodities at affordable prices across the board. He urged the provincial governments and departments concerned to make coordinated efforts to keep the prices of the basic commodities in check, he concluded.
Federal Minister for National Food Security & Research (NFS&R), Syed Fakhar Imam, Federal Minister for Industries & Production, Hammad Azhar, SAPM on Revenue, Dr. Waqar Masood, Member CCP, Member PBS, MD PASSCO, MD USC and senior officials of the Finance Division also participated in the meeting.