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Print Print 2021-12-09

Edible oils: Ministry asked to go for low-priced imports

  • Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin presides over the National Price Monitoring Committee meeting
Published December 9, 2021

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has asked the Ministry of Industries and Production to control the prices of edible oil in the domestic market by importing palm and soybean oil from the international market at relatively lower prices.

Tarin presided over the National Price Monitoring Committee (NPMC) meeting held at the Finance Division on Wednesday to review the prices of daily commodities and essential food items in the country.

The meeting started with a briefing on inflation by the secretary finance, followed by the secretary Ministry of National Food Security and Research on wheat stock.

The adviser on finance asked the Ministry of Industries and Production to take measures to control the prices of edible oil in the local market by exploring alternative options for import of palm and soybean oil on lower prices from the international markets to reduce the pressure on prices in the domestic market.

Ours has become a 'food-deficit' country: Tarin

The secretary NFS&R informed the meeting that sufficient stocks of wheat are available in the country and there is stability in the market due to regular and effective monitoring of wheat movement. The stocks are released accordingly.

The provincial chief secretaries told the meeting that an effective monitoring system has been employed to ensure that all released wheat is being converted into flour and is available in the market.

While chief secretary Sindh stated that the price of fine wheat flour is lower in Sindh, as compared to the other provinces. On persistent higher price of wheat flour in Sindh, the adviser suggested formation of an effective mechanism to check the prices of wheat in Sindh province and ensure availability on government rate.

The secretary finance informed the meeting that prices are decreasing in the country due to proactive measures of the government.

The new stocks of sugar are arriving in the market, which will further reduce the prices.

The NMPC was of the view that the increase in the prices of edible oil in the global market, especially imports from Malaysia and Indonesia, has affected the local prices.

While reviewing the production of pulses in the country, it was informed prices of pulses have shown a slight increase in the week under review.

Tarin describes food inflation as 'major' challenge

The adviser asked to increase the production of pulses in the country and thereby, reduce the burden on imports and control the prices of pulses.

On the stock position of fertilizers, the NPMC was informed that prices have begun to decrease due to effective administrative measures.

On the expansion of the Utility Stores outlets in Balochistan province, Secretary I&P apprised the meeting that the Utility Stores Corporation has expanded its operation with the opening of 21 outlets in various cities and started mobile stores in areas where these Utility Stores are not available in the province.

The NPMC observed that Sasta and Sahulat Bazaars in Punjab and the KP are offering essential goods at subsidized prices.

Tarin commended the efforts of the Government of Punjab, the KP, and the Islamabad administration in providing key items at discounted prices by arranging Sasta Bazaars.

Copyright Business Recorder, 2021

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