0
KARACHI, May 21: Local markets of consumer items remain unaffected by increasing Pakistan-India border tension as shopkeepers report normal supplies of all essential items.
There is neither any report of panic-buying nor are importers hoarding or stocking essential items to make a quick buck in contingency.
“People are still in a state of wait and see position. Perhaps they feel that the situation has not aggravated at the moment,” chairman Karachi Wholesale Grocers Group (KWGG), Anis Majeed told Dawn.
“The markets have ample stocks of almost every essential commodity for at least 20-25 days,” he said adding that buyers are definitely in no mood to go for wild purchase of regular items.
He noted that the stock situation of commodities like flour, wheat, rice and pulses is satisfactory, thanks to the commencement of local crops and frequent arrivals from imports. Even the importers in the markets continue to open fresh letters of credit (L/Cs) without any difficulty.
Senior Vice Chairman, Pakistan Kiryana Merchants Association (PKMA), Jaffer Kudia also shared the same view, saying that the markets are now flooded with ample stocks of almost all items.
“There is virtually no element of panic among customers, importers and wholesalers,” he said adding that even today the markets are doing usual business.
To build up stocks, people need extra money. Perhaps the liquidity crunch problem seems to be main hurdle to huge inventories in times of hovering war clouds between Pakistan and India, Jaffer said.
A retailer in Landhi area said the that war fear has not made any impact as people are reluctant to purchase the commodities in bulk. However, he said, there is no shortage of any commodity and retailers have sizable stocks to meet any emergency situation.
A rice dealer said that rice market is also facing a lull situation due to higher prices in the wake of low stocks. People have not started stocking the commodity.
GREENS: The supply situation of vegetables and fruits in wholesale vegetable market (Subzi Mandi) has so far remained normal and daily arrival of trucks, carrying fruits and vegetables, has been steady.
“The market lacks any panic buying and dealers are not piling up stocks in order to make windfall profits in times of crisis,” president Falahi Anjuman Wholesale Vegetable Market (Super Highway), Haji Shahjehan said.
There is no shortage of any commodity. For instance, around 50 trucks of onion and potato are daily arriving at the Mandi without any problem.
However, one negative development has emerged in the wake of the tussle between the two countries. Growers and even dealers have started holding up their investment plan in various crops since the last one week.
OIL/GAS: Various executives told Dawn that they had not received any intimation from the Petroleum Ministry till Tuesday advising to enhance storage capacity of crude oil and petroleum products in the wake of tension between the two neighbours.
“We have maintained the ceiling of oil reserves at a level which we had soon after September 11 incidents,” officials in local refineries said. Since September, there has been no change in storage capacity of crude oil, maintaining up to three weeks as compared to pre-September situation of two weeks.
As far as security situation is concerned, officials said no change had been made since September 11 when refineries had increased the security, patrolling and presence of guards outside the refineries and other main installations.
An official in an oil marketing company (OMC) said that preventive measures had been kept unchanged which were taken after September 11 catastrophe.
A senior official in a gas company said that two companies, SSGC and SNGPL, soon after September 11 incidents, had beefed up security at their key installations like river crossings, compressor stations and distribution centres in order to ensure proper and uninterrupted gas supplies.
