ISLAMABAD, April 18: Prime Minister Shaukat Aziz said on Tuesday that the government would enact a new legislation to curb the menace of hoarding and black marketing in the country.

Speaking at a ground-breaking ceremony of three new residential sectors in Islamabad I-14, I-15 and I-16, the prime minister said the government was keen to bring down skyrocketing prices of consumer items and had taken several measures to achieve that goal.

One of the major steps being contemplated is the strengthening of the Monopoly Control Authority (MCA), he said.

Mr Aziz pointed out that the prices of cement had declined within three days of a recently held meeting of the economic coordination committee (ECC).

Interior Minister Aftab Ahmed Khan Sherpao, who was also present at the ceremony, proposed remedial measures to control the current sugar price hike.

“Besides other steps, increasing supply is the main remedial measure to stabilise prices —-and we are doing this,” Mr Aziz said. In order to increase supply, the prime minister said, the government has drawn up a plan to increase the number of fruit and vegetable markets in major cities.

In this connection, he said, three new markets will be established in the federal capital, while other cities such as Karachi and Lahore will also have more fruits and vegetable markets.

The prime minister said shortage of such markets was one of the causes of the price hike in major cities because the existing markets were insufficient to cater to the needs of the people.

“We wanted to strengthen the chain of supply in the country. That would cause a decline in prices,” he said.

Mr Aziz stressed the need for boosting the construction industry in the country, meeting housing backlog and providing job opportunities.