National Price Monitoring Committee meets under chair of Finance Minister Dr. Abdul Hafeez Sheikh to review the availability of essential commodities

Islamabad, December 14, 2020 (PPI-OT):Finance Minister Dr. Abdul Hafeez Sheikh chaired a meeting of National Price Monitoring Committee (NPMC) today. Minister for Industries and Production Hammad Azhar, SAPM on Revenue Dr. Waqar Masood, Secretary MNFS R, Secretary Industries and Production, the Provincial Chief Secretaries, MD Utility Stores Corporation (USC) and representatives of ICT Administration, PBS, TCP and senior officers of Finance Division participated in the meeting.

The National Price Monitoring Committee (NPMC) reviewed the availability of essential commodities namely wheat, flour, sugar, tomatoes, onions, vegetable ghee and chicken. The Finance Secretary apprised NPMC that there has been a consistent decline in prices for the last three weeks. The weekly SPI data showed that prices declined by -0.3% in the last week, notably in essential food commodities including sugar, onions, potatoes, rice and pulses. This is due to improved availability of wheat, sugar, and vegetables due to imports by Government and private sector.

The Chair lauded the efforts of the concerned Ministries/Department and the Provincial Governments for keeping the prices of essential commodities in check. During the meeting, the Finance Minister urged the Provincial governments to strictly monitor the prices of chicken and ensure smooth supply to minimize the gap in supply and demand. The Chair also held a detailed discussion with Secretary MNFS R, and the Provincial Chief Secretaries regarding position of wheat and sugar stocks in the Provinces. The Secretary MNFS R briefed the NPMC that sufficient stocks of wheat are available across the country. The Azad Jammu Kashmir (AJ K) Government has demanded additional quantity of wheat which will be fulfilled in time, he assured.

The Finance Minister also approved provision of wheat to USC, and the formal approval would be granted as per the summary moved by the MNFS R in the next ECC meeting. Secretary Industries and Production briefed that the slight increase in the price of vegetable ghee is due to spike in international prices. Finance Minister directed M/o Industries and Production to look into upward pricing trend in the international market and take necessary steps to minimize its impact on domestic prices, he concluded.

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