The ministry responsible for establishing the supply and demand pattern of edible oil
ISLAMABAD: Shaukat Tarin, Minister of Finance, on Tuesday instructed the Ministry of Industries and Production (MoI&P) to determine the supply and demand pattern of different varieties/brands of edible oil and control the excessive rise prices.
Tarin said this while chairing a National Price Monitoring Committee (NPMC) meeting at the Finance Division.
Federal Minister of Food Security and Research Syed Fakhar Imam, Advisor to the Prime Minister for Trade and Investment Abdul Razak Dawood, Secretary of the Ministry of National Food Security and Research, Secretary of the Ministry of Industry and of Production, Provincial General Secretaries, Economic Advisor Finance Division, MD Utility Stores Corporation, President TCP, Chief Statistician PBS, Customs Member FBR, Deputy Commissioner ICT and other senior staff participated in the meeting.
The Secretary of the Ministry of Industries and Production briefed the meeting on his strategy to ensure fair edible oil prices, in coordination with provincial authorities, by taking action against edible oil manufacturers for undue price escalation. . Tarin, however, expressed dissatisfaction with the situation and asked the ministry to take corrective action to bring prices under control.
Earlier, the Finance Division Economic Advisor informed the meeting that the SPI (Sensitive Price Indicator) rose 1.35% from a 0.11% decline the previous week.
The meeting was informed that 33 food items added 1.30% to the indicator, while 18 non-food items pushed it up 0.05%.
The NPMC was told that prices for 23 items were flat last week, while six declined, pushing the SPI down 0.17%. Potatoes became cheaper by 0.05%, onions by 0.03%, eggs by 0.04% and others by 0.05%.
On the other hand, the prices of 22 items pushed the SPI up 1.52%. Tomato prices increased by 0.97%, chicken by 0.40%, garlic by 0.02% and others by 0.13%.
NPMC has been informed that the prices of potatoes, onions, eggs, sugar, moong pulses and maash pulses have come down in the past week.
When the committee was informed that wheat flour prices in Quetta remained higher than in other parts of the country, it ordered the government of Balochistan to take concrete measures to stabilize wheat flour prices and insisted on increasing its stocks and daily deliveries to mills. The NPMC was also informed about the availability of sufficient stocks of wheat in the country.
The meeting also discussed sugar prices in the country and was informed that sugar prices have come down over the past week.
In addition, the President ordered the Ministry of Industries and Production to speed up the process of building up strategic sugar reserves in the country in order to maintain price stability.
NPMC was informed that prices of moong were stable, while those of other pulses were down. To which, the Minister of Finance ordered provincial authorities to bring hoarders and supply disruptors to book.
The meeting also learned that the wholesale and retail prices of various items fell last week, except for potatoes and onions, as their rates increased slightly, due to an increase in transport costs. . The president instructed the provincial authorities to reduce the price gap.
Prices of daily staples in Pakistan were the lowest and the country had been the best in the region in keeping them under control, the meeting learned.
NPMC was pleased with the availability of daily goods in Sasta bazaars at discounted prices.
In his closing remarks, the Minister of Finance highlighted efforts to control the prices of essential items and measures to ensure a steady supply of essentials across the country.