THE Federal Cabinet, on Tuesday, decided that 1.5 million ton wheat would be imported in the coming days to thwart the designs of hoarders. Separately, the Economic Coordination Committee (ECC) of the Cabinet approved import of up to three lakh tons of sugar and revision of prices of petroleum products on a fortnightly basis, instead of monthly basis. The cabinet also formed an Inquiry Commission to investigate the causes of recent shortage of petroleum prices.
It is to be seen whether or not the decisions taken by these two top economic forums would result in any meaningful and positive change in the overall situation as far as availability and price hike of these commodities is concerned. Import of commodities is a normal practice to ward off shortage in the local market and hopefully import of wheat and sugar would help tackle the situation to some extent but much depends on timing of imports and pricing of the imported wheat and sugar. The Government had made a similar decision about import of wheat much earlier but unfortunately so far there is no progress in this regard and hoarders and smugglers are playing havoc with the local market. The price of wheat flour has gone beyond the absorbing capacity of the common man but the kind of response by the authorities concerned is not matching, which sends a message of helplessness on the part of the federal and provincial governments in managing the issue. Same is true of sugar the price of which stands at the same exploitative level and the government, instead of taking action against sugar mafia, has given it free hand for another 90 days and no one knows for sure what actually would happen after the deadline. It is also regrettable that instead of taking action against the powerful oil mafia, the government found shelter behind the decision to institute yet another inquiry whereas responsibility already stands fixed. Decisions of the government are also complicating things for the general public like the one to review prices of POL products on fortnightly basis, a practice that ruined prospects of stability in prices of not just POL products but also their spiralling effect on other goods and services. There was demand for restoration of the past practice of reviewing the prices after three months but the Government, under the influence of the IMF, has done the opposite. How relief is possible for the common man?
