ISLAMABAD, Nov 12: The Utility Stores Corporation (USC) has reduced the prices of about 10 major essential items of around 200 brands ranging 5 to 10 per cent with effect from November 15, 2001 for the month of Ramazan.
Shakil Ahmad, senior joint secretary ministry of industries and production at a joint press conference with Managing Director USC Hafiz Ahmad said that government has sanctioned Rs600 million to USC to compensate its losses due to bad decision of the previous governments.
These wrong decisions, he said, included import of meat from abroad and purchase of infrastructure throughout the country for its sale and establishment of Awami Markaz on the advice of the federal government.
The cheque of Rs600 million would be delivered to USC within a couple of days. To a question, he said the amount was not a subsidy from the government for the Ramazan Package but it was a compensation for wrong directives.
Shakil said that all arrangements have been made to ensure availability of quality products in 384 outlets across the country besides special outlets at the locations of Friday Bazar, Sunday Bazaar etc throughout the month of Ramazan from 9am to 9pm.
The products whose prices have been reduced include sugar, rice, pulses, basin, cooking oil and ghee, squashes, pickles and spices. He said that USC stores would be flooded with essential commodities to create competition and discourage hoarding and black-marketing during the holy month.
To a question, he said that there would be no problem of availability at USC outlets in view of the fact that the package has been prepared in consultation with multinationals, local manufacturers and producers besides provincial governments.
Furthermore, payments to suppliers and procurement of commodities would be made on weekly basis instead of post delayed payments.
The managing director USC said that the corporation has not been able to break even due to over Rs600 million accumulated losses but currently it was earning operating profit.
To a question, Shakil said the government intended to review price control act but the process was not on at the moment.
The price of sugar has been reduced by 50 paisa per kg, rice Re1 per kg, pulses by Re1 per kg, Basin by Rs2 per kg, ghee by Rs5 per kg, chilies by Re1 per Kg and spices by Rs1 per 100 grams.