The National Price Monitoring Committee (NPMC) has directed the industries ministry to ensure that the benefit of recent reduction in international prices of edible oil is passed on to domestic consumers effectively.

Finance Minister Abdul Hafeez Shaikh, while chairing an NPMC meeting on Monday, lauded the coordinated and consolidated efforts of the federal and provincial governments for ensuring uninterrupted provision of wheat throughout the country.

The finance minister emphasised the proactive role on behalf of all the authorities concerned to ensure smooth provision of essential items at affordable rates to the general public. NPMC also reviewed the price trend of essential commodities, especially wheat, sugar and edible oil during the week.

Finance secretary briefed the meeting about the weekly Sensitive Price Indicator (SPI) and the decline in prices of wheat flour, vegetables and eggs due to coordinated efforts of all provincial governments across the country.

Meanwhile, the Ministry of National Food Security and Research secretary informed the committee that the current stock of wheat was sufficient for domestic consumption and average per day release by provinces was also satisfactory.

Prices of wheat flour registered a continuous decline due to improved release of wheat (per day), he pointed out. Minister for Industries Hammad Azhar updated the NPMC about significant decline in international prices of palm oil and soybean.

Published in The Express Tribune, January 26th, 2021.

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