Federal Minister for Finance and Revenue Shaukat Tarin has directed the Ministry of National Food Security and Research to expedite the process to formulate forecasting units for major and minor crops for timely decision making.
The finance minister chaired the meeting of the National Price Monitoring Committee (NPMC), held at the Finance Division.
Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed an increase of 0.04 per cent as compared to increase in previous week by 0.51 per cent. 33 food items contributed an increase in the SPI by 0.32 per cent, whereas 18 non-food items contributed a decrease of 0.28 per cent to the SPI.
NPMC was informed that prices of 19 items remained stable in the last week. The prices of 13 items decreased, contributing to a decline in SPI by 1.16 per cent. The items which contributed to the decline included petrol by -0.53 per cent, eggs by -0.11 per cent, tomatoes by -0.51 per cent and others by 0.01 per cent. Prices of 19 items slightly increased, which led to an increase in SPI by 1.20 per cent which included chicken by 0.34 per cent, fresh milk by 0.25 per cent, LPG by 0.23 per cent and others by 0.38 per cent.
NPMC was informed that prices of tomatoes, eggs, Hi-speed diesel, petrol super, garlic, pulse moog, pulse masoor, onions, wheat flour bag, sugar, potatoes, pulse mash, gur and chillies powder have shown decline in the prices during the last week. It was informed that prices of onion are lowest as compared to its prices three years earlier.
The NPMC was updated on the wheat flour prices in the country. The Secretary Ministry of NFS&R informed on the stock position of wheat and further apprised on the future requirements and the strategy for sustainable availability of wheat in the country. The chair directed the Balochistan authorities to ensure stability in the prices of wheat flour by maintaining the daily release of wheat to the flour mills. The finance minister asked the relevant authorities to analyze and estimate the wheat stocks closely.
NPMC was also apprised of the sugar prices in the country. Secretary Ministry of I&P briefed the meeting on the process for building strategic reserves of sugar in the country to maintain stability in prices. Sugar price is at Rs89 again with a decline of -0.3 per cent which is highly plausible.
NPMC was also briefed on the prices of pulses in the country, NPMC was informed that there was stability in price of gram pulse, while price of moong pulse decreased by Rs6 per kg during the last six weeks. Price of mash pulse decreased by Rs3 per kg during the last six weeks and the price of masoor pulse decreased by Rs2 per kg during the last six weeks.
It was apprised that prices of eggs decreased by Rs32 per dozen during the last 6 weeks and overall there is improvement in market supply of eggs, onions, potatoes and tomatoes. The price of potatoes has decreased by Rs4 per kg during the last 6 weeks. There has been an increase in the price of chicken due to supply disruptions. These disruptions are linked with sudden increase in demand for chicken. But it was ensured that the prices of chicken will be back to normal in near future.
On the prices of palm oil and soybean in the country, the Secretary Ministry of I&P informed the meeting on available stocks of edible oil.
The finance minister asked for research on alternatives to minimize the dependency on import of these products and asked for devising a strategic plan for meeting the demand. It was informed to the chair that sufficient stock of soybean and palm oil are available to meet the demand.
The meeting also discussed the fertilizer situation and was informed that there is no shortage of fertilizers and urea in the country. The Ministry of Industries and Production in consultation with NFS&R and provincial governments has been asked to make a plan for provision of subsidy for DAP to farmers before the upcoming Kharif season.
In the concluding remarks, the Finance Minister commended the efforts being undertaken for stabilizing the prices of essential items successfully and measures to ensure smooth supply of essential commodities throughout the country.
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