Federal Minister for Finance Shaukat Tareen has said that the prices of daily necessities especially edible oil, sugar, tea and flour have gone up in the international markets due to Covid-19.
To mitigate its impact on local consumers, the government is making concerted efforts to provide basic necessities to the citizens through the network of Ramadan Convenience Market and Utility Stores Corporation.
He expressed these views while presiding over a meeting of the National Price Monitoring Committee (NPMC).
During the meeting, the chairman of the Competition Commission presented the results of the inquiry into the poultry industry, according to which the increase in prices of chicken feeds due to non-competitive practices led to an increase in poultry prices.
The finance secretary told the committee that prices of seven items declined in the country last week while 26 remained stable. Federal Minister for Food Security and Research Syed Fakhar Imam informed the committee about the steps taken by the provinces and PASCO to procure wheat and to provide adequate quantity of wheat at reasonable price in the current year. Is ahead
The Secretary National Food Security and Research informed the committee that a summary for the import of 4 million metric tonnes of wheat would be presented at the next ECC meeting to ensure an increase in strategic reserves and easy supply of wheat across the country.
The Finance Minister directed the provinces to ensure daily distribution of wheat at subsidized rates as per the directions of the Prime Minister. He also directed the provincial representatives to ensure daily execution of Koblarkot wheat.
The meeting reviewed the prices of basic essential commodities in the international and local markets. It was informed in the meeting that due to Covid-19, international crude oil prices rose by 178 per cent year-on-year in April and sugar by 57 per cent on an annual basis. Prices of palm oil, soybean oil and wheat also rose, leading to a rising trend in local markets.
Speaking on the occasion, Finance Minister Shaukat Tareen said that the prices of daily necessities especially edible oil, sugar, tea and flour have gone up in the international markets due to Cove 19.
The Finance Minister said that cartelization would not be allowed under any circumstances. He said that the provincial administration and concerned departments would take stern action to control the prices of essential commodities. He said that strict legal action would be taken against those responsible for illegal profiteering and hoarding.