Finance Minister asks authorities to monitor wheat stocks closely

March 09, 2022: Federal Minister for Finance and Revenue Mr Shaukat Tarin has asked the relevant authorities to analyze and estimate the wheat stocks closely while presiding over the meeting of the National Price Monitoring Committee (NPMC), held at the Finance Division, said a press release issued on Wednesday.

The NPMC was updated on the Wheat Flour prices in the country. The Secretary Ministry of NFS&R informed on the stock position of Wheat and further apprised on the future requirements and the strategy for sustainable availability of Wheat in the country.

The Chair directed the Balochistan authorities to ensure stability in the prices of Wheat flour by maintaining the daily release of Wheat to the Flour Mills.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed an increase of 0.04% as compared to an increase in the previous week by 0.51%. 33 food items contributed an increase in the SPI by 0.32%, whereas 18 non-food items contributed a decrease of 0.28% to the SPI.

NPMC was informed that prices of 19 items remained stable in the last week. The prices of 13 items decreased contributing decline in SPI by 1.16%. The items which contributed in decline included Petrol by -0.53%, Eggs by -0.11%, Tomatoes by -0.51% and others by 0.01%. Prices of 19 items slightly increased which led to increasing in SPI by 1.20% which included Chicken by 0.34%, Fresh Milk by 0.25%, LPG by 0.23% and others by 0.38%.

NPMC was informed that prices of Tomatoes, Eggs, Hi-Speed Diesel, Petrol Super, Garlic, Pulse Moog, Pulse Masoor, Onions, Wheat Flour Bag, Sugar, Potatoes, Pulse Mash, Gur and Chillies Powder have shown a decline in the prices during the last week. It was informed that prices of Onion are lowest as compared to its prices 3 years earlier.

NPMC was also apprised of the sugar prices in the country. Secretary Ministry of I&P briefed the meeting on the process for building strategic reserves of sugar in the country to maintain stability in prices. The sugar price is Rs. 89 again with a decline of -0.3% which is highly plausible. 

NPMC was also briefed on the prices of Pulses in the country, NPMC was informed that there was stability in the price of Gram Pulse, while the price of Moong pulse decreased by Rs. 6 per kg during the last six weeks. The price of Mash Pulse decreased by Rs. 3 per kg during the last six weeks and the price of Masoor pulse decreased by Rs. 2 per kg during the last six weeks.

It was apprised that prices of eggs decreased by Rs. 32 per dozen during last 6 weeks and overall there is improvement in market supply of eggs, onions, potatoes and tomatoes. The price of potatoes has decreased by Rs. 4 per kg during the last 6 weeks. There has been increasing in the price of chicken due to supply disruptions. These disruptions are linked with a sudden increase in the demand for chicken. But it was ensured that the prices of chicken will be back to normal price in near future.  

On the prices of palm oil and Soybean in the country, the Secretary Ministry of I & P informed the meeting on available stocks of edible oil. The Finance Minister asked for research on alternatives to minimize the dependency on the import of these products and asked for devising a strategic plan for meeting the demand. It was informed to the Chair that a sufficient amount of stock of Soybean and Palm oil is available to meet the rising demand in the country.  

The meeting also discussed the Fertilizer situation and was informed that there is no shortage of Fertilizers and urea in the country. M/o Industries and Production in consultation with M/o NFS&R and provincial governments have been asked to make a plan for the provision of subsidy for DAP to farmers before the upcoming Kharif season.

The chair directed M/o Commerce to formulate a viable plan for the price determination of potatoes. The Chair re-directed the Ministry of NFS&R to expedite the process to formulate forecasting units for major and minor crops for timely decision making.

In the concluding remarks, the Finance Minister commended the efforts being undertaken for stabilizing the prices of essential items successfully and measures to ensure a smooth supply of essential commodities throughout the country.

Press Release