A serious wheat crisis is looming in the country as massive hoarding of the essential commodity has started owing to lower crop output. Leading commodity exporter and Advisor to Ministry of Maritime Affairs Mahmood Moulvi has warned that wheat prices are also likely to surge in coming months as massive stocks of wheat have been hoarded by market movers.
Moulvi said that there is need to take a strict action against the hoarders to avoid any shortage in the domestic market and keep the commodity prices stable, otherwise the people should ready for a wheat crisis. He said that continued wheat shortage may compel the country to import commodity from international market to meet the domestic demand. The import will put more burdens on the national exchequer, while the imported commodity will be more expansive than domestic wheat, he added. Wheat flour price are likely to increase Rs 2-5 per kilogram in coming days due to hoarding and artificial shortage of the commodity, he said.
Moulvi said that the country is already facing a higher inflation due to increasing oil prices in the world market and the expansive import of wheat will further fuel the rising inflation trend. He said that as per estimates wheat crop has badly hit by rains in Punjab, of which production is likely to decease by 10-20 percent this year. He also appreciated the government policy for not exporting more wheat stocks and said that this move will help to ensure sufficient wheat stocks in the country.