9 items prices declined, 21 increase & 21 stable

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Tarin for maintaining sugar, wheat strategic reserves for smooth supply


Mohammad Arshad
Islamabad

National Price Monitoring Committee (NPMC), Monday, observed that the weekly SPI increased by 0.28 percent for the week ended on 17th June, 2021 after a three weeks consecutive decline. Prices of 09 items declined, 21 items slightly increased and 21 items remained stable.

NPMC met here with Finance Minister Shaukat Tarin in the chair and Chair noted that prices in ICT are declining in most of the items and appreciated the efforts of ICT administration.

He directed the provincial governments must also mobilise their teams in order to provide relief to common man by strict monitoring of prices.

The Chair highlighted the issue with Ministry of Industries & Production regarding prices of palm oil and soyabean are on declining trend in the international market but its impact on the domestic market so far has not been observed.

The Chair directed M/o Industries & Production to hold a meeting with ghee/edible oil manufacturers in order to transmit the declining trend of international oil prices to the local consumers. The government will take strict action if any obstacle is observed anywhere in the country.

MD USC informed the forum that they are working on national plan of extending number of USC outlets all over the country.

The Chair directed MD USC, in consultation with government of Balochistan, to work out detailed plan of establishing USC outlets across Balochistan at the spots where maximum consumers may benefit by the essential items at subsidized rates.

M/o NFS&R gave detailed presentation regarding the production cycle of perishable items like tomatoes, potatoes and onions along with pulses.

In case of pulses, two third of the demand is being fulfilled through imports thus there is need to build strategic reserves to ensure smooth supply, achieve price stability and reduce international dependence.

M/o NFS&R was directed to prepare emergency plan for establishing cold storages and warehouses in key areas where perishable food items are produced and also explore feasible options of collaboration of Public Private Partnership model in this regard. Chief Secretary KP briefed the meeting about the value chain analysis of essential items.

The Chair noted that there is huge margin of profit being earned by the wholesalers who purchase from the farmers.

The Chair directed provincial governments of Punjab, Sindh and Balochistan to present the value chain analysis of essential items in the upcoming NPMC and corrective measures to ease out price hike.

The Finance Minister was briefed that as per international commodities’ prices comparison published by the World Bank the international price of sugar has increased by 58.3% (Year-on-Year).

Similarly, the international price of Soyabean oil increased to whopping 119.20% in Year-on-Year comparison whereas increased by 23.5% during the last month (April-May 2021).

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