NPMC directs food ministry to control wheat price hike

ISLAMABAD: The National Price Monitoring Committee (NPMC) on Monday directed the ministry of national food security and research to hold meeting with four chief ministers of provinces to keep a check on the prices of wheat flour to avoid any artificial price hike during the upcoming Ramazan.

Minister for Finance and Revenue Hafeez Shaikh, chaired the weekly meeting of the NPMC at the finance division. The government finds it difficult to control import fueled inflationary pressures as increased prices of commodities and POL products is making lives of economic managers more difficult to control price hike under the International Monetary Fund's program.

Minister for National Food Security and Research Fakhar Imam, Minister for Industries and Production Hammad Azhar, Special Assistant to the Prime Minister on Revenue Waqar Masood, provincial chief secretaries, and others attended the meeting.

NPMC reviewed the price trend of essential commodities especially wheat flour, sugar, tomatoes, vegetable ghee, chicken and eggs during the last week. The weekly sensitive price indicator recorded a decrease of 0.57 percent wherein prices of seven basic items registered a decline and 18 commodities remained stable.

The finance minister directed the officials to ensure smooth supply of wheat at affordable prices across the country. The minister directed the provincial governments and other stakeholders to provide estimates regarding additional demand for sugar to the ministry of industries and production for effective planning during the current year.

The finance minister appreciated the provision of basic items by the Utility Stores Corporation at subsidised rates and directed the managing director of Utility Stores Corporation to ensure availability of essential items at respective outlets across the country.

The minister reiterated commitment of the government to provide maximum relief to the public through provision of basic commodities at fair prices, he said. The overall release position of wheat was reviewed during the meeting.

The ministry of industries said sugarcane crushing season has ended and the overall production is higher as compared to the last year. Previously, the sugarcane production was estimated at 75.9 million tons compared to 66.8 million tons in the preceding year when the government imported 300,000 tons of sugar to control price hike.

Azhar said the ministry is already working on various measures for provision of ghee/oil at reasonable price. Moreover, the Utility Stores Corporation would ensure availability of ghee at a subsidized price under ramazan relief package through its chain of outlets during the month.