Prices of basic food commodities to decline in next few days, claims NPMC

ISLAMABAD – On Monday, the National Price Monitoring Committee noted that prices for essential food products, including cooking oil and sugar, will decline in the next few days.

Federal Minister of Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the National Price Monitoring Committee (NPMC) yesterday. NPMC reviewed the price trend of core products, especially wheat, sugar and edible oil, throughout the week. The Minister of Finance briefed the meeting on the weekly fall in wheat flour, vegetable and egg prices due to the coordinated efforts of the GPP and all state governments across the country. During the week, prices of 08 items dropped in total, while prices of 24 items remained stable.

Secretary M / o NFS & R informed NPMC that the current wheat stock is sufficient for domestic consumption and the average daily release of the provinces is satisfactory. He noted that wheat flour prices have been on a steady decline due to better release of wheat (daily) and stable supply across the country.

The Minister of Finance praised the coordinated and consolidated efforts of federal and state governments for uninterrupted wheat supply across the country.

Federal Industry and Production Minister Hammad Azhar updated the NPMC on the significant drop in international prices of palm oil and soybeans. The Committee has instructed the Ministry of Industry and Production to ensure that the recent decline in international edible oil prices is effectively transferred to domestic consumers.

The Minister of Industry and Production told NPMC that the retail price of sugar had witnessed a drop during the week under review and that imported sugar would fall further as it will soon be available on the domestic market. The NPMC commended the efforts of all relevant authorities to ensure sufficient sugar stock in the coming months.

The member Pakistan’s Bureau of Statistics informed the Committee that the provinces are the board of directors for the smooth implementation of the newly developed dashboard of key items. Steps are being taken to make the system fully functional in order to monitor price inequality across provinces.

The finance minister emphasized the proactive role on behalf of all relevant authorities to ensure the smooth availability of key items to the general public at affordable prices.

Federal Minister of Industry and Production Hammad Azhar, SAPM Dr Waqar Masood on Revenue, Provincial Chief Secretaries, Secretary of Commerce, M / o Sectors and Production Secretary, National Food Safety and Research Secretary, M / o Planning, Development and Private Initiatives Additional Secretary, Meeting President FBR, Member CCP, President TCP, MD USC, Member PBS, and senior executives of the Finance Division attended.

Updated: January 26, 2021 — 7:50 am

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