ISLAMABAD, July 26: The daily economic monitoring committee on Saturday ordered the commerce ministry to immediately halt export of sugar.

After a meeting, chaired by Finance Minister Naveed Qamar, the committee asked the ministry to notify the removal of duty on the import of sugar by the private sector to offset the increase in domestic consumption and to stabilise prices.

The committee also advised the ministry of petroleum and natural resources to convene a meeting of the CNG prices committee, which had been formed to devise a consumer price benchmark for Oil and Gas Regulatory Authority.

It said the wheat stock position was at a ‘comfortable level’ and directed the ministry of food and agriculture to import more wheat to meet domestic needs.

The food ministry told the committee that the existing wheat stock stood at 3.7 million tons and it planned to import 2.5 million tons to supplement domestic stocks.

The officials said the first shipment had landed on July 6 and the second was due on July 26. The third would arrive on Aug 2.

The committee noted that international wheat prices were declining because of a good output the world over.

According to the ministry of food and agriculture, 50,000 tons of urea was being imported from Saudi Arabia. Riyadh had committed to supplying another 200,000 tons.

It said that DAP stock for Rabi season was sufficient and new prices would be determined by the fertiliser prices committee soon.

The committee directed the ministry of food and agriculture to provide 6,000 tons of pulses to the Utility Stores Corporation (USC) and offload 20,000 tons in the open market.

It also noted that the supply of sugar to USC was being increased and ordered the Trading Corporation of Pakistan to procure more sugar from mills to stabilise its supply.

BUSINESS IN NWFP: A delegation of the Sarhad Chamber of Commerce and Industry met the finance minister and gave him their views about the current situation in the province and its impact on business and industry.