NPMC Directs Formulation of Strategy to Increase Exports of Potatoes

The National Price Monitoring Committee (NPMC) was briefed on the bumper availability of Potatoes in the country.

The Chair directed the Ministry of NFS&R to make a strategy for increasing the exports of Potatoes and further directed for production forecasting unit for major and minor crops for timely decision making.

Economic Adviser Finance Division was briefed about the weekly Sensitive Price Index (SPI), which witnessed an increase of 0.22 percent as compared to decline in the previous week by 0.08 percent during a recent meeting of the committee, chaired by the Federal Minister for Finance and Revenue, Shaukat Tarin.

Thirty-three food items contributed an increase in the SPI by 0.31 percent, whereas 18 non-food items contributed a decrease of 0.09 percent to the SPI.

NPMC was informed that prices of 12 items remained stable in the last week. The prices of 11 items decreased, contributing decline in SPI by 1.08 percent. The items which contributed in decline included Electricity by 0.91 percent, eggs by 0.08 percent, red chilies by 0.03 percent, and others by 0.06 percent. While prices of 28 items slightly increased that led to an increase in SPI by 1.3 percent, which included petrol by 0.65 percent, chicken by 0.19 percent, long cloth by 0.18 percent, and others by 0.28 percent.

NPMC was informed that chili powder, eggs, electricity charges, onions, potatoes, gur, sugar, wheat flour, Liquefied Petroleum Gas (LPG) cylinder, pulse Moog, pulse Mash have shown a decline in the prices during the last week. It was informed that prices of onions are lowest as compared to its prices 3 years earlier.

The NPMC was updated on the wheat flour prices in the country. The Secretary Ministry of National Food Security and Research (NFS&R) informed on the stock position of wheat and further apprised on the future requirements and the strategy for sustainable availability of wheat in the country. The Chair expressed concerns on the low daily release of Wheat by the Baluchistan Government and directed the provincial authorities to bring stability in the prices of Wheat flour by increasing the daily release of wheat to the flour mills.

NPMC was also apprised of the sugar prices in the country. Secretary Ministry of Industries and Production (MoI&P) briefed the meeting on the process for building strategic reserves of sugar in the country to maintain stability in prices.

On the prices of edible oil in the country, Secretary MoI&P informed the meeting on available stocks of edible oil and strategy to bring instability in its prices. The Chair expressed concerns about the rise in the prices of edible oil and directed the Ministry of I&P to expedite the action against the edible oil manufacturers to address the issue of charging higher prices from domestic consumers relative to prices in the international market. It was further directed to increase the imports of edible oil for sustainable availability of edible oil in the future.

NPMC was also briefed on the prices of pulses in the country, NPMC was informed that Moong prices were stable and witnessed fewer prices as compared to its prices in the last year.

The meeting also discussed the fertilizer situation in the country and was informed that there is no shortage of fertilizers in the country. The Meeting directed the Ministry of I&P to formulate a strategy to rationalize the prices of Fertilizers in the light of the decision to provide a subsidized supply of gas to the fertilizer manufacturers and to provide adequate relief to the growers.

The meeting was also apprised on the wholesale and retail prices of daily commodities in the country and it was informed that a decrease has been witnessed in the wholesale and retail prices of various items in the last week. A slight increase has been witnessed in the wholesale and retail prices of potatoes and onions which was attributed to the increase in the transportation charges. The Chair further directed provincial authorities to take measures to reduce the wholesale and retail price gap in both commodities.

The NPMC also discussed the stock position of petroleum, oil, and lubricants (POL) in the country and expressed serious concerns on the low stocks of high-speed diesel (HSD) and directed the Petroleum Division to take cognizance of the issue and ensure smooth availability of POL in the country.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country. Finance Minister, Shaukat Tarin, appreciated the efforts of the Government of Punjab, Khyber Pakhtunkhwa, Baluchistan, and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars.

In his concluding remarks, the finance minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure a smooth supply of essential commodities throughout the country.

Adviser to the Prime Minister on Commerce and Investment,  Abdul Razak Dawood, Secretary M/o Industries and Production, Secretary Ministry of National Food Security & Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Chief Statistician PBS, MD Utility Stores Corporation, Chairperson CCP, Member Customs FBR, Addl. Deputy Commissioner ICT and other senior officers participated in the meeting.