The government has decided to review the laws to ensure that control mechanism proactively focuses on cartelisation, hoarding and undue profiteering after it faced widespread criticism over recent increase in prices of commodities, especially essential commodities.
The prime minister will also chair a meeting on upcoming Monday to further review the supply and prices of food and pharmaceutical items in the country and ministries concerned have been directed to submit short and medium term policy recommendations as well as structural measures needed to ensure smooth supply and stability in the prices to the prime minister. Finance Minister Asad Umar, who chaired the meeting of National Price Monitoring Committee (NPMC) on Thursday, directed that market committees may be made more proactive to play a vigilant role in monitoring the prices effectively and check any hoarding across the country. The meeting was attended by relevant federal ministries and provincial departments concerned.
The meeting decided that a strong forecasting mechanism will be put in place to ensure availability of essential food items for the next 3-6 months in consultation with the provincial governments. The meeting also agreed to reduce price disparity among the provinces through an integrated market mechanism.
The meeting decided that monthly meetings of NPMC will be held regularly to review supply situation and prices of all commodities and timely measures will be put in place to avoid any shortage in the country. The meeting also reviewed the availability of commodities with particular reference to Ramazan. The Utility Store Corporation assured NPMC that the government's Ramazan Package will be implemented to ensure sufficient availability of commodities at affordable prices. The meeting decided that number of 'Sasta Bazaars', Sunday Bazaars and fair price shops will be increased throughout the country to ensure sufficient availability of commodities for the common man at affordable prices.
The NPMC has taken the stock of supply and prices of food and pharmaceutical items and reviewed the prices of perishable and non-perishable food items, particularly 28 essential kitchen items.
The committee was informed that volatility in the prices of perishable items specifically tomatoes, onions, grams and pulses were primarily due to seasonal variations, which has now subsided. The Sensitive Price Indicator (SPI), which monitors prices of mostly kitchen items weekly, has been showing a sharp declining trend for last two consecutive weeks in March 2019, which suggests that the prices of these items in the market are on a downward trajectory.
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