ISLAMABAD, Aug 13: The Economy Monitoring Committee on Wednesday directed the ministry of industries and production to pass on the benefit of decreasing international ghee/edible oil prices to consumers after necessary homework.

Similarly, the ministry of petroleum and natural resources was asked to closely monitor petroleum and CNG prices to facilitate the people at large.

“Since international oil prices as well as those of ghee/edible oil are reducing in the international market, the government would certainly like to pass on such benefits to our people after necessary homework,” Finance Minister Syed Naveed Qamar told Dawn after presiding over a meeting of the committee.

The committee asked both the ministries to take into account the existing and foreseeable stock position with a view to provide certain relief to consumers.

The EMC also asked the Ministry of Food, Agriculture and Livestock (Minfal) to urgently submit proposals to increase sugarcane production, appreciating that ban on import of refined sugar which already stands lifted has led to stabilising of sugar prices.

Minfal informed the EMC that Pakistan’s projected edible oil consumption is likely to be around 2.8 million tons. It informed the EMC that a list of urea dealers had been communicated to provincial governments and DCOs to ensure efficient delivery system so that the crop yield related vital input reaches farmers well in time.

Minfal further briefed the EMC that the government is in touch with relevant Saudi authorities for provision of additional 300,000 tons of urea that would help meet the local demands.

The NFC management also briefed the EMC about its existing 34 urea stores, having a capacity of 26,500 metric tons of urea storage, for distribution through its network.

EMC was informed that 50 more NFC stores have been planned to enhance urea storage capacity up to 1,75,000 tons for countrywide distribution through designated sales points. Minfal/NFC further briefed the EMC about urea’s overall distribution planning/networking, starting from seaport, moving down to bulk warehouses, temporary stores and finally the USC stores and their sales outlets.

It takes maximum time of four days to reach the urea supply to farthest points in NWFP passing through Sindh and Punjab. The EMC directed Minfal/NFC to double the sales outlets capacity to ensure farmers’ convenience in a way that every tehsil has sales points for farmers.

EMC authorised the NFC to distribute all imported urea along with existing stocks to farmers at affordable prices after approved calculations.

The committee directed the ministries of industries and food and agriculture to recheck the existing wheat and sugar stocks and ensure its equitable distribution to the people of four provinces based on their respective requirements, adding that prices of ghee/edible oil may also be kept under vigilance to ensure public convenience.

Minfal earlier informed EMC on Pakistan Sugar Mills Association’s existing and carry-forward sugar stock position, adding that stability in food grains prices compares well with regional countries/capitals – India, Iran, Afghanistan and Bangladesh. It was observed that sugar prices in international market are rising continuously from October 2007 to June, 2008.Whereas, in domestic market sugar prices after ban on export also remained stable.

The ministry of commerce briefed the EMC regarding import of non-essential and luxury items. The finance minister directed the ministry of commerce and FBR to submit recommendations on the subject for consideration and review of EMC.

Mr Qamar said that the issue was expected to be finalised in the next meeting.