Perturbed by the huge import demand and rising prices, Finance Minister Shaukat Tarin Wednesday asked to find alternatives of edible oils and asked to devise alternative plans to meet its demand.
He also asked to keep a close watch on wheat demand and supply and the price fluctuations especially in Balochistan. The minister directed to adopt quick forecasting of major and minor crops for timely decision making.
The minister made these remarks while presiding over the meeting of the National Price Monitoring Committee (NPMC) at the Finance Division.
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The NPMC was updated on the wheat flour prices in the country. The Secretary Ministry of National Food Security & Research informed on the stock position of wheat and apprised on the future requirements and the strategy for sustainable availability of wheat in the country. The chair directed the Balochistan authorities to ensure stability in the prices of wheat flour by maintaining the daily release of wheat to the flour mills. The finance minister asked the relevant authorities to analyze and estimate the wheat stocks closely.
On the prices of palm oil and soybean in the country, the Secretary Ministry of Industries & Production informed the meeting on available stocks of edible oil. The finance minister asked for research on alternatives to minimize the dependency on the import of these products and asked for devising a strategic plan for meeting the demand. The chair was informed that a sufficient amount of stock of soybean and palm oil is available to meet the rising demand in the country.
NPMC was also apprised of the sugar prices in the country. Secretary Ministry of Industries & Production briefed the meeting on the process for building strategic reserves of sugar in the country to maintain stability in prices.
NPMC was also briefed on the prices of pulses in the country, NPMC was informed that there was stability in the price of gram pulse, while the price of moong pulse decreased by Rs. 6 per kg during the last six weeks. The price of mash pulse decreased by Rs. 3 per kg during the last six weeks and the price of masoor pulse decreased by Rs. 2 per kg during the last six weeks.
It was apprised that prices of eggs decreased by Rs. 32 per dozen during last 6 weeks and overall there is improvement in market supply of eggs, onions, potatoes, and tomatoes. The price of potatoes has decreased by Rs. 4 per kg during the last 6 weeks. There has been an increase in the price of chicken due to supply disruptions. These disruptions are linked with a sudden increase in the demand for chicken. But it was ensured that the prices of chicken will be back to normal soon.
The meeting also discussed the fertilizer situation and was informed that there is no shortage of fertilizers and urea in the country. Ministry of Industries & Production in consultation with Secretary Ministry of National Food Security & Research and provincial governments have been asked to make a plan for the provision of subsidy for DAP to farmers before the upcoming Kharif season.
The chair directed the Ministry of Commerce to formulate a viable plan for the price determination of potatoes. The chair re-directed the Ministry of National Food Security & Research to expedite the process to formulate forecasting units for major and minor crops for timely decision making.
In the concluding remarks, the finance minister commended the efforts being undertaken for stabilizing the prices of essential items successfully and measures to ensure a smooth supply of essential commodities throughout the country.
Economic Adviser Finance Division also briefed the NPMC about weekly SPI which witnessed an increase of 0.04 percent as compared to an increase of 0.51 percent in the previous week. 33 food items contributed an increase in the SPI by 0.32 percent, whereas 18 non-food items contributed a decrease of 0.28 percent to the SPI.
NPMC was informed that prices of 19 items remained stable in the last week. The prices of 13 items decreased contributing to a decline in SPI by 1.16 percent. It was informed that prices of onion are at their lowest in three years
