Wheat, flour prices in local markets reduced significantly

ISLAMABAD: Owing to strengthening domestic wheat stocks, prices of grains in local markets observed declining trend and prices of wheat and flour slashed down significantly, which was expected to further reduce during the days to come.

The prices of wheat witnessed Rs. 10 to Rs. 11 per kg reduction in port city Karachi as it went down from Rs. 55 per kg to Rs. 44 per kg, said Food Security Commissioner in Ministry of National Food Security and Research Dr Imtiaz Ahmad Gopang.

Talking to APP here on Friday he said that declining price trend of wheat in Karachi has a definite impact on the prices of the commodity in other markets all across the country as commodity supplied from this city to other cities for fulfilling the domestic consumptions.

Meanwhile, he said that Pakistan Bureau of Statistics (PBS) in its Consumer Price Index report for the week ended on December, 3 2020 had also reported decline in wheat flour prices across 17 cities, which was mainly attributed to stability in domestic demand and supply.

The average wheat flour price in these cities were recorded at Rs. 975.50 per 20 Kg as compared to Rs. 979.22 per 20 Kg of the previous week, he said adding that strict monitoring system was also in place in order to provide maximum relief to common man in the country.

So far 21 vessels carrying over 1.214 million metric tons (MMT)of wheat have already arrived into the country, he said adding that a quantity of 0.998 million metric tons had been dispatched to provinces as well for bringing the stability in local demand and supply as well as bringing soaring prices down.

Giving the provincial wise dispatch position, he said that so far about 0.410 million metric tons have been released for Punjab, 0.567 million metric tons for Sindh and 0.0217 million metric tons of wheat released for Khyber Pakhtunkhwa provinces respectively.

Dr Imtiaz said that per day average releases of provinces during month of November were recorded Punjab 23000 metric tons, Sindh 8,348 metric tons, Khyber Pakhtunkhwa 4,520 metric tons and Balochistan 1,224 metric tons per day.

He said that domestic wheat stocks as on December 11,2020 stood at 3.579 million metric tons that was sufficient to tackle with the domestic requirements.