Provinces Urged To Follow Punjab, ICT In Bringing Down Flour Prices

Commending Punjab government and Islamabad Capital Territory (ICT) administration for daily release of wheat on specified prices that eased flour prices, Federal Minister for Finance and Revenue, Shaukat Tarin here on Wednesday urged other provinces to follow the suit

ISLAMABAD, (UrduPoint / Pakistan Point News - 6th Oct, 2021 ) :Commending Punjab government and Islamabad Capital Territory (ICT) administration for daily release of wheat on specified prices that eased flour prices, Federal Minister for Finance and Revenue, Shaukat Tarin here on Wednesday urged other provinces to follow the suit.

The minister was chairing meeting of National Price Monitoring Committee (NPMC) here, according to press statement issued by the finance ministry. He commended that release of wheat at government's specified price has eased pressure on prices of wheat flour.

The minister took strict notice of the prices prevailing in Sindh and Baluchistan and urged their respective provincial Chief Secretaries to initiate daily release of wheat for stabilizing prices of wheat flour bags.

He said that at present, the price differential was clearly visible in the prices between Punjab and rest of the provinces.

The NPMC stressed upon the need to ensure smooth supply of wheat at government notified price throughout the country, the statement added.

Earlier, Economic Adviser briefed the NPMC about decline in weekly SPI by 0.10% during the week under review. This is a consecutive decline in weekly SPI over the last two weeks. Prices of 10 items witnessed declined including perishable commodities namely tomatoes, onions, Moong and Mash pulses while 21 items remained stable during the week.

The downward trend in weekly SPI reflects the outcome of the recent steps taken by the federal and provincial governments and departments concerned. Moreover, the CPI is also depicting a downward trend in the first quarter of FY2021-22 to 8.58% as compared to 8.84% in corresponding period last year.

The Secretary, Ministry of National Food Security and Research (NFS&R) briefed the NPMC about sufficient availability of stock of wheat in the government sector till the arrival of the new crop.

The NPMC reviewed the price trend in global markets and it was decided that a minimum impact would be passed on to the consumers. Finance Division further briefed the Committee about increasing price trend of food commodities in international markets.

While taking stock of the situation, the Finance Minister directed the Ministry of Industries and Production and Federal board of Revenue (FBR) to accelerate the process for providing relief to the consumers in prices of edible oil through concession in duty.

Secretary, Industries and Production updated the NPMC about opening the tender for importing 50,000 MT of Sugar on Wednesday.

He further apprised about the progress over provision of sugar at government's fixed price through a network of Sahulat Sasta Bazars, Utility Stores etc. The Finance Minister expressed satisfaction over availability of sufficient stocks of wheat and sugar which will help stabilizing prices.

Over all, the prices of tomatoes and onions witnessed a downward trend during the week. The NPMC has directed the Commerce Ministry to present a well-rounded proposal before the upcoming ECC, related to the export of onions.

Among others, Federal Minister for Industries and Production, Khusro Bakhtiar; Federal Minister for NFS&R, Syed Fakhar Imam; Adviser to the PM on Commerce, Abdul Razak Dawood; SAPM on Political Communication, Dr. Shahbaz Gill; Secretaries NFS&R, Industries and Production, Joint Secretary Commerce, Chief Statistician Dr. Naeem-uz-Zafar, Chief Commissioner ICT, Member (Policy) FBR, Member PBS and other senior officers participated in the meeting.