Federal Minister for Finance and Revenue, Shaukat Tarin, has said that the government is making every effort to stabilize the prices of commodities in the country.
He gave these remarks while chairing the meeting of the National Price Monitoring Committee (NPMC), held at the Finance Division on Monday.
Finance Minister appreciated the efforts taken by all provinces to ensure the availability of essential commodities at minimum wholesale prices. He instructed the provincial representatives to ensure price stability and smooth supply of essential commodities throughout the country before and during the holy month of Ramzan.
The meeting was briefed by Economic Adviser Finance Division on the Weekly Sensitive Price Index (SPI). Furthermore, the provincial and Federal Food Ministry officials briefed the committee regarding the availability of various grains and crop production estimates.
Economic Adviser Finance Division briefed the NPMC that weekly SPI witnessed an increase of 1.10 percent compared to a decrease in the previous week by 1.37 percent. He informed that 33 food items contributed to an increase in the SPI by 1.07 percent, whereas 18 non-food items contributed an increase of 0.03 percent.
NPMC was apprised that the prices of eight items declined, 18 items remained stable, whereas prices of 25 items increased. It was further informed that prices of garlic, tomatoes, eggs, LPG, gur, sugar, and gram pulse have decreased and contributed 0.20 percent to the decline of SPI during the week under review. However, a spike was witnessed in the prices of chicken, vegetable ghee, cooking oil, potatoes, and wheat, which contributed to a 1.30 percent increase in SPI.
The NPMC was apprised of the situation of the wheat flour prices in the country. It was informed that there was an increase in the prices of wheat flour in Karachi, which has impacted the national average price. The meeting was apprised of the stock position of wheat in the country, which is sufficiently available. However, keeping the fresh arrival of wheat stocks and future consumption into consideration, the minister directed the Ministry of NFS&R to workout realistic data on wheat production in consultation with the provincial authorities to assess the accurate future requirement of wheat for imports. The representative of the Balochistan government apprised the meeting of the sufficient availability of wheat stock in the provinces.
NPMC was also briefed on the sugar prices in the country. The chair asked the Secretary Ministry of Industries and Production (I&P) to expedite the process of building strategic reserves of sugar through local procurement as approved by ECC.
The committee was also briefed on the prices of pulses in the country. It was informed that the prices of the pulses in the country were stable. The price of moong pulse registered a decline due to record domestic production while maash pulse also showed a decline in its price. The prices of masoor pulse remained stable.
NPMC was briefed on the rising prices of vegetable ghee in the country and informed that YOY prices of palm and soybean oil increased by 49.2 percent and 72.4 percent, respectively, in the global market. The chair directed the Ministry of I&P to take immediate action to ensure that relief of 10 percent on duty has been passed on to the consumers.
NPMC was briefed on the fertilizer situation in the country and was informed about the smuggling of locally manufactured fertilizer to the neighboring countries. The chair expressed serious concern on the issue and directed FBR to take immediate action for curbing the smuggling of fertilizers to ensure price stability in the country.
The NPMC also reviewed the wholesale and retail prices margins. The provincial authorities of Punjab, Sindh, and Balochistan were directed to take administrative actions for ensuring the minimum wholesale and retail gap in the prices of daily commodities like onions and potatoes.
On the proposal of providing vegetables at Utility Stores Corporation outlets, MD USC informed that such facilities had been provided at USC outlets in the Capital territory, while for provinces, the consultation is underway with the relevant authorities.
The meeting was also briefed on the comparison of prices of essential items with prices in the regional countries. It was informed that prices of commodities are lowest in Pakistan as compared to neighboring countries like India, Bangladesh, and Sri Lanka.
NPMC was briefed on the availability of essential goods at subsided rates at the Sasta and Sahulat bazaar across the country. Finance Minister, Shaukat Tarin, appreciated the efforts of the governments of Punjab, KP, and Balochistan, along with the Islamabad administration, in providing essential items at discounted rates at Sasta and Sahulat bazaars. He also expressed satisfaction with the contribution of the Sindh government for providing essential items at discounted rates in Sahulat bazaars.
Federal Minister for National Food Security & Research, Syed Fakhar Imam, Adviser to the Prime Minister on Commerce & Investment, Mr. Abdul Razak Dawood, Secretary M/o Industries and Production, Provincial Chief Secretaries, Economic Advisor Finance Division, Member National Accounts PBS, MD Utility Stores Corporation, Chairman OGRA, Member Customs FBR, and other senior officers participated in the meeting.
