Low diesel stocks cause concerns

ISLAMABAD: Expressing concern over low stocks of high speed diesel (HSD), a meeting of the National Price Monitoring Committee (NPMC) has directed the Petroleum Division to take cognizance of the issue and ensure smooth availability of the POL products in the country.

The finance minister, Shaukat Tarin, who presided over the weekly meeting of the of NPMC to review prices of commodities in the country has also directed the Ministry of Industries and Production to expedite the action against the edible oil manufacturers to address the issue of charging higher prices from domestic consumers as compared to the prices in international market.

At the outset, Economic Adviser Finance Division briefed the NPMC meeting about weekly SPI and stated that it witnessed increase of 0.22 percent as compared to decline in previous week by 0.08 percent. He added that 33 food items contributed increase in the SPI by 0.31 percent, whereas, 18 non-food items contributed decrease of 0.09 percent to the SPI.

The meeting was updated on the wheat flour prices in the country with secretary Ministry of National Food Security and Research informed the meeting about stock position of wheat and further requirements besides the strategy for sustainable availability of wheat in the country.

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The finance minister expressed concerns on the low daily release of wheat by the Balochistan government and directed the provincial authorities to bring stability in the prices of wheat flour by increasing daily release of wheat to the flour mills.

The meeting was also updated about sugar prices the process for building strategic reserves to maintain stability.

The secretary Ministry of Industries and Production informed the meeting about available stocks of edible oil and strategy to bring in stability in its prices.

The meeting expressed concerns on the increase in the prices of edible oil and directed the Ministry of Industries and Production to expedite the action against the edible oil manufacturers to address the issue of charging higher prices from domestic consumers relative to prices in the international market.

The meeting further directed to increase the imports of edible oil for a sustainable availability of edible oil in future.

The NPMC was informed about adequate availability of potatoes in the country, upon which, the finance minister directed the Ministry of Food Security to make strategy for increasing the exports of potatoes.

The meeting was informed about stability in moong lentil prices, and that there was no shortage of fertilisers in the country.

The meeting directed the Industries Ministry to formulate strategy to rationalise the prices of fertilisers in the light of decision to provide subsidised supply of gas to the fertiliser manufacturers and for providing adequate relief to the growers.

The meeting was also apprised on the wholesale and retail prices and was informed that decrease has been witnessed in the wholesale and retail prices of various items in the last week.

However, a slight increase has been witnessed in the wholesale and retail prices of potatoes and onions, which was attributed to the increase in the transportation charges.

Copyright Business Recorder, 2022