New arrivals ease sugar prices in market

Staff Reporter BOL News

24th Nov, 2021. 06:32 pm
Federal Board of Revenue (FBR

Federal Board of Revenue (FBR) has launched electronic monitoring of sugar production Photo: File

ISLAMABAD: Prices of sugar witnessed a decline after arrival of new stock, while the prices of flour remained stable because of the government’s proactive measures.

The meeting of the National Price Monitoring Committee (NPMC), presided over by Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin, was briefed about the weekly situation of the Sensitive Price Indicator (SPI), which increased 1.07 per cent.

Reviewing the price trend of essential commodities, the finance secretary said the prices of 10 essential commodities registered a decline, while the prices of 14 items remained unchanged during the last week.

The prices of onion, potatoes and cooking oil registered a significant decline, compared with the corresponding period of the last year, he added.

Similarly, the prices of wheat flour bags remained unchanged at Rs1,100/20kg due to the proactive measures of the Punjab, Khyber-Pakhtunkhwa governments and the ICT administration.

The daily release of wheat by all the provincial governments will further ease out the prices, the finance secretary said.

Likewise, the sugar price in the country is declining in Punjab and Khyber-Pakhtunkhwa due to the proactive measures of the government. The new stocks of sugar are arriving in the market, which will further lower the prices.

The adviser expressed satisfaction over the stability in the sugar prices and directed the Ministry of Industries and Production to take appropriate measures for creating strategic reserves of sugar in the country for smooth supply in coming months.

Reviewing the prices of edible oil, the meeting observed that the increase in prices in the global market has affected the local prices; however, it was informed that the international prices of palm oil and soyabean would start declining from January onwards.

Tarin stressed to ensure that the lower international prices be passed on to the domestic consumers.

On the stock position of fertilisers, it was informed that Punjab and Sindh governments have taken action against the hoarders. The Punjab government has established control rooms in districts to monitor the stock position of fertilisers and appropriate actions are being taken on complaints against high prices.

The adviser directed the provincial governments to take punitive actions against the fertiliser hoarders, prevent shortage and make availability of fertilisers at controlled rates in all the provinces.

He also directed the Ministry of Industries and Production to initiate whistle-blower law against hoarders and enforce it on a priority basis.

Reviewing the stock position of kerosene in the country, the adviser directed the Petroleum Division to take measures for availability of sufficient stocks of kerosene in the market to support the lower segments of the society.

The NPMC observed that Sastaa and Sahulat Bazaars in Punjab and Khyber-Pakhtunkhwa are offering essential goods at subsidised rates.

Tarin commended the efforts of the governments of Punjab and KP and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars.

He expressed satisfaction on the prices of commodities in Sastaa Bazaars in Balochistan and Sindh and also directed to establish such bazaars in more cities to provide maximum relief to the people.

Utility Stores Corporation managing director, provincial chief secretaries, chief statistician of the Pakistan Bureau of Statistics (PBS) and other senior officers participated in the meeting.