Ministry tasked to work out edible oil demand-supply pattern

ISLAMABAD: Shaukat Tarin, Minister for Finance on Tuesday directed Ministry of Industries and Production (MoI&P) to work out demand-supply pattern of different varieties/brands of edible oil and control undue price hike.

Tarin said this while presiding over a meeting of National Price Monitoring Committee (NPMC) at Finance Division.

Federal Minister for Food Security & Research Syed Fakhar Imam, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, Secretary Ministry of National Food Security & Research, Secretary Ministry of Industries & Production, Provincial Chief Secretaries, Economic Advisor Finance Division, MD Utility Stores Corporation, Chairman TCP, Chief Statistician PBS, Member customs FBR, Deputy Commissioner ICT, and other senior officers participated in the meeting.

Secretary Ministry of Industries and Production updated the meeting on their strategy to ensure fair edible oil prices, in coordination with provincial authorities, taking action against the edible oil manufacturers for undue price escalation. Tarin, however, expressed dissatisfaction over the situation and asked the ministry to take corrective measures to rein in the prices.

Earlier, Economic Adviser Finance Division informed the meeting the SPI (Sensitive Price Indicator) climbed up by 1.35 percent compared to a decline of 0.11 percent the previous week.

The meeting was told 33 food items added 1.30 percent to the indicator, whereas 18 non-food items pushed it up by 0.05 percent.

The NPMC was informed prices of 23 items remained stable last week, whereas of six decreased, dragging the SPI down by 0.17 percent. Potatoes became cheaper by 0.05 percent, onions 0.03 percent, eggs 0.04 percent, and others by 0.05 percent.

On the other hand, prices of 22 items pushed SPI up by 1.52 percent. The prices of tomatoes increased 0.97 percent, chicken 0.40 percent, garlic 0.02 percent, and others by 0.13 percent.

NPMC was informed that prices of potatoes, onions, eggs, sugar, moong pulse, maash pulse eased last week.

When the committee was told wheat flour prices in Quetta remained on higher side as compared to other parts of the country, it directed Balochistan government to take concrete measures to stabilise wheat flour prices and stressed on increasing its stock position and daily releases to the flourmills. NPMC was also updated on the availability of sufficient stocks of wheat in the country.

The meeting also discussed sugar prices in the country and was apprised sugar prices eased last week.

Further, the chair directed Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in prices.

NPMC was communicated that prices of moong were stable, while those of other pulses saw a tick-down. To which, the finance minister directed provincial authorities to bring hoarders and supply disrupterers to book.

The meeting also learnt that wholesale and retail prices of various items slipped last week with the exception of potatoes and onions as their rates edged up, owing to an increase in transportation cost. The chair tasked the provincial authorities to narrow the price gap.

The prices of daily commodities in Pakistan were the lowest and the country had been the best in the region in keeping them under control, the meeting learnt.

The NPMC was satisfied on the availability of daily commodities in Sasta Bazars on discounted prices.

In his concluding remarks, the finance minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.