With the arrival of imported wheat, the price of wheat has started to decline in the retail markets, claimed the Ministry of National Food Security and Research.
The Economic Coordination Committee (ECC) of the Cabinet allowed the Trading Corporation of Pakistan (TCP) to import 1.50 MMT of wheat on 4th August 2020. On the request of provinces, the Federal Government enhanced the quantity of imported wheat up to 2.2 MMT to ensure an uninterrupted supply of wheat at affordable prices.
The import of wheat is being made through TCP and PASSCO on behalf of recipients, which are PASSCO, Punjab, KP, and Sindh. Out of the total allocation of 2.2 MMT, 280,000 MT wheat has already arrived in the country, whereas seven more ships carrying around 400,000 MT of wheat are expected to arrive in November 2020.
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Furthermore, 20 ships carrying 1.4 MMT have been booked and are scheduled to reach in December, January, and February.
Provincial Food Departments have reported downward trends in the retail market prices of wheat and wheat flour. The prices of local and imported wheat have decreased around Rs. 200 per 100 kg.
The price of imported wheat in Karachi has reduced from Rs. 4900 per 100 kg to Rs. 4700 per 100 kg. In the Rawalpindi area, the wheat price has decreased from Rs. 2400 per 40 kg to around Rs. 2200 per 40 kg. The prices of wheat flour are controlled by the respective local administration.
Provincial Food Departments of Punjab, Sindh, and KP have fixed the release price of wheat at Rs. 1475 per 40 kg. The controlled price of flour in Punjab and KP is Rs. 43 per kg (Rs.860 per 40 kg) while Rs. 52 per kg in Sindh. The superfine wheat flour is being sold at Rs.60 per kg in Punjab, Rs. 58 per kg in Sindh, and Rs. 65 per kg in KP.
Furthermore, Provincial Food Departments have enhanced the release of wheat to flour mills from 30,000 MT in the previous week to 40,000 MT as of today. However, this quantity varies as per the requirement of the flour mills. It is expected that due to the arrival of more wheat in the upcoming months, the prices of wheat and fine flour will be further reduced.
