Tuesday, February 7

National Price Monitoring Committee meets under chair of Federal Minister for Finance and Revenue Dr. Abdul Hafeez Sheikh

Islamabad, January 18, 2021 (PPI-OT): Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Sheikh, chaired the meeting of the National Price Monitoring Committee (NPMC) today. Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razak Dawood, SAPM on Revenue Dr. Waqar Masood, Provincial Chief Secretaries, Secretary M/o Industries and Production, Additional Secretary M/o NFS and R, Additional Secretary Ministry of Planning, Development and Special Initiatives, Chairman FBR, Member CCP, Chairman TCP, MD USC, Member IT/HRM and Member National Accounts from PBS and senior officers of the Finance Division participated in the meeting.

The National Price Monitoring Committee (NPMC) reviewed the price trend of essential commodities especially wheat, sugar and edible oil during the week. Finance Secretary briefed the meeting that weekly SPI registered a decline of 0.22% and the main drivers behind decrease in SPI are falling prices of eggs, tomatoes, potatoes, onions and chicken. Prices of 21 basic items remained stable whereas 07 items registered a decline during the week. M/o NFS and R apprised NPMC that all stakeholders are on board with reference to existing position of wheat stock in the country. Federal Minister for National Food Security and Research assured all possible measures would be taken to ensure smooth supply of wheat across the country.

The Finance Minister directed the Provincial governments to follow a self-sustaining model and streamline daily release of wheat to ensure steady supply in the provinces as well as districts. Federal Minister for Industries and Production Hammad Azhar updated NPMC about the recent decline in international prices of palm oil which will eventually reduce the upward pressure on the prices of edible oil in the domestic market. The Finance Minister directed Ministry of Industries and Production to continuously monitor stocks of sugar, its supply position in the market and prices throughout the country for the consumers.

Member PBS updated NPMC about the benefits of recently developed dashboard of prices of essential items and progress on its implementation in coordination with the provinces. NPMC directed PBS to provide necessary support to the provinces to make the system fully functional for vigilant monitoring of prices of essential commodities and to remove price disparity across the country. The Finance Minister directed M/o NFS and R to chalk out a comprehensive strategy to ensure smooth supply of wheat flour at reasonable rates for the general public. He also urged the Provincial governments to continue taking necessary steps to ensure provision of basic items at affordable prices across the country.

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