Industries, production ministry told to control edible oil price hike

Published December 9, 2021
Adviser on Finance and Revenue Shaukat Tarin chairs a meeting of the National Price Monitoring Committee (NPMC) on Wednesday. — PID
Adviser on Finance and Revenue Shaukat Tarin chairs a meeting of the National Price Monitoring Committee (NPMC) on Wednesday. — PID

ISLAMABAD: The National Price Monitoring Committee (NPMC) on Wednesday asked the Ministry of Industries & Production (MoIP) to take measures to control prices of edible oil in local market by exploring alternative options for import of palm and soya bean oil at lower rates.

The NPMC meeting chaired by Adviser on Finance and Revenue Shaukat Tarin observed that the increase in prices of edible oil in the global market — especially imports from Malaysia and Indonesia — had affected local prices.

Mr Tarin asked MoIP to explore alternative options for the import of palm and soya bean oil at lower prices in the international markets to reduce the pressure on prices in domestic market.

On the consistently high price of wheat flour in Sindh, the finance adviser suggested for the formation of an effective mechanism to check the prices of wheat and ensure availability at government rate.

Tarin urges exploring alternative options for import of palm, soya bean oil

Sindh chief secretary apprised the meeting that the price of fine wheat flour was low in Sindh as compared to other provinces. Chief secretaries of other three provinces also apprised that effective monitoring system has been employed to ensure that all released wheat was being converted into flour and available in market.

Secretary Finance Hamid Yaqoob Shaikh updated the NPMC that prices of wheat flour bags remained consistent at Rs1,100 per 20 kg due to the proactive measures of Punjab and Khyber Pakhtunkhwa governments and the Islamabad Capital Territory administration. The daily release of wheat by all the provincial governments will further ease out wheat prices at national level, the committee was informed.

Secretary National Food Security Ghufran Memon apprised the meeting that sufficient wheat stocks were available and the market has witnessed stability due to regular and effective monitoring of wheat movement. The stocks are released accordingly, he added.

While reviewing the price of sugar in the country, secretary finance informed the NPMC that prices were decreasing in the country due to proactive measures of the government. New stocks of sugar are arriving in the market which will further reduce the prices, he added.

Mr Tarin expressed satisfaction over the stability in sugar prices in the market.

While reviewing the production of pulses in the country, the committee was informed that prices of pulses had shown slight increase in the week under review.

Published in Dawn, December 9th, 2021

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