President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that the government has tried to keep prices stable but to no avail, therefore, the government should allow duty-free import of wheat to keep prices stable.
He said confusion prevail as the government claims that it has 4.5 million tonnes of wheat while the private sector is asking for permission to import up to 300,000 tonnes of wheat which must be considered.
He said that the government claims that it has sufficient stock of wheat in the country but the private sector has expressed concerns which should be taken seriously.
However, he lauded the decision of the government to increase wheat support price by Rs50.
The support price has been increased after five years which will provide some relief to farmers but it may increase the price of roti which has already been increased twice during this year, he said.
He noted that situation should be reassessed to keep the balance between demand and supply lest some other factors disrupt the supply side.
He said that wheat stocks in Sindh are under pressure, rumours are fanning speculation resulting in a price hike while smuggling to Afghanistan continues unabated.
Punjab has 3.5 million tonnes of wheat; KP has 200,000 tonnes of wheat while Sindh claims to have 800,000 tonnes of wheat which are contested by market forces.
Copyright Business Recorder, 2019
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