Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, chaired the meeting of the National Price Monitoring Committee (NPMC) at the Finance Division today.
The NPMC reviewed the price trend of essential commodities, especially wheat flour, sugar edible oil/ghee, pulses, and chicken, during the last week. While briefing the NPMC about weekly SPI, the Finance Secretary apprised that prices of seven items registered a decline, whereas 19 remained stable during the week under review.
While reviewing the current price trend of chicken, the representatives of the Provincial governments reported that the surge in the prices of chicken is driven by the gap in supply and demand. The poultry farmers have suffered losses over the last few months due to COVID-19 relating to supply disruption and poultry disease, which fuelled poultry prices.
The Finance Minister sought details from the Chairperson Competition Commission of Pakistan regarding the inquiry underway concerning anticompetitive conduct leading to a price hike in chicken feed, which increased the prices of chicken. The Chairperson apprised that the process will be completed soon, and recommendations would be shared with the Provincial governments and departments concerned for appropriate counter-action. The Finance Minister directed to accelerate the whole process. The speed is of the essence in drawing findings and taking stern measures to check cartelization, hoarding, and undue profiteering effectively, he stressed.
Federal Minister for National Food Security and Research briefed the NPMC about efforts underway to import 04 million metric tons of wheat during the current year to ensure a smooth supply across the country.
He also informed regarding multiple options under consideration for building strategic reserves of wheat throughout the country. The underlying rationale is to ensure a steady supply of wheat at affordable prices across the board.
While taking stock of the situation, the Finance Minister directed all respective Provincial administrations to ensure the daily release of wheat at subsidized rates without fail, in compliance with the directives of the Prime Minister.
Secretary, Ministry of Industries and Production apprised about the current uptick in international prices of soya and palm oils.
Owing to significant volatility in international prices of edible oil, the Finance Minister constituted a sub-committee comprising of the Minister for National Food Security and Research and Minister for Industries and Production to work out a lasting arrangement by exploring alternate options to reduce dependence on the import of oil and other basic food items.
The Finance Minister affirmed full support for allocation of funds in the upcoming budget for upgrading existing research institutions and establishing state-of-the-art research facilities to suggest alternate high-yielding crops to meet increased demand and to curb malnutrition. Pakistan is blessed with four seasons, fertile land, and natural resources. There is an increased need for introducing modern techniques to revolutionize the farming sector. The Government is firmly committed to introducing innovation in every sector, he added.
The Finance Minister directed PBS to work out a mechanism and compile gap analysis (differential between wholesale and retail prices), along with weekly SPI for key basic commodities, to gauge price variation effectively. This will enable the Provincial governments and all concerned departments to take appropriate administrative measures.
Federal Minister for National Food Security and Research, Syed Fakhar Imam, Federal Minister for Industries and Production, Makhdum Khusro Bakhtyar, SAPM on Finance and Revenue, Dr. Waqar Masood, Secretary Finance Division, Secretary M/o NFS&R, Chief Secretaries of the Provincial Governments, Member PBS, Chairperson CCP, MD Utility Stores Corporation and other senior officers of various Ministries participated in the meeting.
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