ISLAMABAD: Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh has directed that all possible measures be taken to arrest the increase in prices of eggs, wheat flour, and tomatoes and to bring down the prices of these essential items. The finance minister made these remarks during a weekly meeting of the National Price Monitoring Committee (NPMC) presided over by him on Monday. Sources said that the minister was concerned over the increase in the price of eggs.
The meeting also decided that the government would intervene, if there was an unnecessary increase in the price of ghee and cooking oil, consequent to increase in the price of edible oil in the international market, they said and added that the meeting also discussed various options including relief in import-related taxes to maintain the price of cooking oil and ghee at existing level or to make sure a minimum increase in their prices.
The NPMC reviewed the price trend of essential commodities. The finance secretary briefed the NPMC that there has been a nominal increase in the weekly SPI by 0.11 percent.
Prices of 10 basic items decreased, notably onions, potatoes, and chicken, whereas, eggs, wheat flour, and tomatoes registered a slight increase during the week.
Ministry of National Food Security and Research updated the NPMC meeting about the current status of wheat and sugar stocks.
The improved availability has ensured steady supply of both commodities across the country.
The wheat stock position is sufficient for domestic consumption and average per day release to the provinces is also satisfactory.
The finance minister also directed the provincial governments to keep a close watch on the prices of wheat in the market to avoid hoarding, black marketing, and smuggling to ensure uninterrupted supply of wheat at affordable prices.
He emphasized an increased coordination among all government functionaries for efficient monitoring of prices of essential items to provide maximum relief to the general public.
Hammad Azhar, Minister for Industries and Production, apprised that they were closely monitoring the prices of sugar and edible oil to ensure uninterrupted supply at fair prices.
The meeting was attended by Minister for Industries and Production, Special Assistant to the Prime Minister on Revenue, the provincial chief secretaries, secretary Planning Development and Special Initiatives, secretary Industries and Production, chairman FBR, additional secretary Ministry of NFS&R, Joint Secretary Commerce, chairperson CCP, chairman TCP, MD PASSCO, MD Utility Store Corporation, member PBS, and senior officers of the Finance Division.
Copyright Business Recorder, 2020
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