NPMC takes ‘strong’ exception to price hike

ISLAMABAD: National Price Monitoring Committee (NPMC) on Monday took strong exception to higher prices of edible oil and chicken in domestic market and directed the provinces to monitor strictly and ensure reduction in prices in coming weeks.

The edible oil had started witnessing reduction in prices in international market and its effect would be reached into domestic market with certain time lag but the prices of edible oil will be reduced in coming weeks. Then the prices of chicken also came under discussion as it reduced little bit couple of weeks back but again surged into domestic market because of supply side constraints and increased demand during the winter season. The provinces were asked to monitor prices of these two items on regular basis and ensure reduction in order to tame inflationary pressures.

Minister for Finance Hafeez Shaikh could not participate into NPMC meeting because he had to rush into another meeting held at Prime Minister Office. Secretary Finance Kamran Afzal briefed the NPMC meeting in details.

According to official statement, a meeting of NPMC was held at the finance division to review the price trend of essential commodities especially wheat flour, eggs, chicken, sugar and edible oil during the last week.

The meeting was attended by the representatives of the ministry of industries and production, ministry of commerce, ministry of food security and research, provincial administrations, Pakistan Agricultural Storage and Services Corporation (Passco), Pakistan Bureau of Statistics, Competition Commission of Pakistan, Federal Board of Revenue and senior officers of the finance division.

Ministry of Finance Secretary briefed NPMC about weekly sensitive price indicator that increased by 0.5 percent. NPMC noted decline in prices of wheat, sugar, tomatoes, onion, eggs and potatoes during the week. The chief secretaries from provincial governments updated NPMC about availability of sufficient stocks of wheat and average per day release by the Provinces which was stable throughout the country.

The NPMC directed the provincial and district administrations to proactively monitor the prices of chicken and edible oil in order to ensure smooth supply at fair prices across the country.

The NPMC directed Secretary Food Balochistan and Passco to make an immediate arrangement for lifting 20,000 tons wheat from Passco to ensure steady supply of wheat flour in the province.

The NPMC urged the provincial governments and departments concerned for making consolidated and coordinated efforts to avoid hoarding, black marketing and smuggling to ensure uninterrupted supply of basic commodities at affordable prices across the country.