Tarin orders crackdown on price-rigging of edibles

ISLAMABAD: Finance Minister Shaukat Tarin on Wednesday tasked Ministry of National Food Security & Research to bust the price-rigging mafias to keep pulses and cooking oil in the reach of masses.

The finance minister gave directions to this effect while presiding over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division.

The NPMC meeting was informed that prices of moong pulse were stable, while that of grams, maash, and masoor pulses had increased lately owing to lower global production, variations in the exchange rate, and increased freight charges.

Tarin sounded alarm bells over the difference in retail and wholesale prices of pulses in the country.

Moreover, the minister also voiced concern over increasing edible oil prices despite a dip in the international market and directed Ministry of Industries and Production to formulate strategy and explore alternate options for importing edible oil to cut down prices of this commodity in the country.

The meeting was informed that sufficient stocks of wheat were available in the country. Tarin, however, stressed on the food ministry to formulate a strategy to optimally maintain the strategic reserves of wheat in the country to meet any difficult situation in the future.

Moving forward, the food ministry officials apprised NPMC that wheat flour prices remained mostly stable; however, there was a slight variation in its prices mainly due to disruption in the supply caused by rain and fog.

The finance minister also gave out directions to the concerned ministry to expedite the process for building strategic reserves of sugar in the country to keep prices steady.

Officials also updated NPMC on the availability of essential goods at subsidised rates at the Sastaa & Sahulat Bazaars across the country.

Earlier, Finance Division officials briefed the meeting about weekly SPI (Sensitive Price Indicator) based inflation, which eased by 0.06 percent over the previous week’s reading of 0.43 percent.

They meeting was told that prices of 33 food contributed an increase of 0.05 percent, whereas 18 non-food items led to a decrease of 0.11 percent to the SPI.

A decline was witnessed in SPI for the third time since December 31, 2021, the meeting was told.

Prices of 07 items fell, resulting in a 0.59 percent decline in SPI. These items included Chicken (down 0.27 percent), and others ( down 0.35 percent).

Prices of 24 items increased, raising SPI by 0.53 percent. Items, whose prices jumped, included tomatoes, up 0.22 percent, garlic 0.01 percent, petrol 0.16 percent, while prices of others climbed 0.14 percent.

Prices of perishable items like tomatoes increased due to rain in the country, according to finance division officials.

In his concluding remarks, the Tarin underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, Secretary M/o Industries and Production, Secretary Ministry of National Food Security & Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Member PBS, MD Utility Stores Corporation, Chairperson CCP, Chairman TCP, Member (Customs) FBR, and other senior officials participated in the meeting.