The committee met here under the chairmanship of Secretary Finance.

The meeting was attended by the representatives of Punjab, Khyber Pakhthunkhwa, Balochistan, Islamabad Capital Territory, Ministry of Planning and Development, Ministry of Industries, Ministry of Commerce, Food Security Division, Cabinet Division, Pakistan Bureau of Statistics and Trading Corporation of Pakistan.

The meeting was informed that Pakistan was at number two position in the prices of wheat, moong pulse, beef, chicken farm, garlic and petrol and at par with India in the prices of moong pulse, mutton, beef and wheat, said a statement of the Ministry of Finance.

The meeting was further informed that the international trend suggests that rice have increased by 15 percent since July 2011 while prices of Urea, DAP, Sugar, Wheat, Tea, Soybean oil, Crude Oil and Palm Oil have declined by 22.4 percent, 18.5 percent, 16.5 percent, 14.4 percent, 14.4 percent, 8.9 percent,4.6 percent, 2.5 percent respectively since July 2011.

However, to be compared with December 2011 an increasing trend in the prices of sugar, rice, palm oil, soybean oil and crude oil was noted.

The meeting reviewed the prices and supply trend of essential food items in general and supply cycle of potato, onion and tomato in particular as well as the prices in neighboring countries and the trend of International prices.

It was noted that Sensitive Price Indicator (SPI) which monitor the prices of 53 items declined by 0.13 percent on the week ended on 23-02- 2012.

Out of 53 items, prices of 20 items increased as compared to prices of 24 items in the previous week ended on 16-02-2012, prices of 10 items decreased as compared to 12 items in the previous week while prices of 23 items remained unchanged as compared to prices of 17 items of the last week.

The prices of tomatoes declined by 15.9 percent, Onion 4.05 percent, Potatoes 1.2 percent and Red Chilies 0.79 percent while prices which registered a very nominal increase are Mash pulse 0.06 percent, Garlic 0.09 percent, Masoor pulse 0.2 percent, Rice irri-6, 0.22 percent and Milk fresh 0.24 percent as compared to last week.

The committee also reviewed the price trend of 28 selected items in the provinces and noted that the prices of Tomato, Potato, cooking oil and vegetable ghee (loose) witnessed some decline as compared to last month. However, some variations in the prices of Mutton, Moong Pulse, Red Chilies and Mustard oil among provinces was noticed.

The provinces were once again emphasized to take necessary corrective measures.

The Committee discussed the increase in the prices of Urea and DAP.

The factors responsible for the increase are Gas load shedding, imposition of surcharge levy and sales tax. The Committee discussed short term and long term measures to bring stability in prices.

The Committee also reviewed the price and supply situation of edible oil in country and observed there is no shortage of edible oil and ghee in the country.

The Utility Stores Corporation (USC) brand Ghee and Cooking Oil is being sold at the rate of Rs.154 per kg per litre through USC outlets in order to provide relief to the general Public.

Since the domestic production of edible oil is only 24 percent, the sector is heavily depended on import of Palm Oil and other edible oil, resultantly the prices of Ghee/edible oil are directly linked with international prices.