Dar chairs cabinet committee meeting on rising wheat prices

ISLAMABAD: Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar has expressed concern over the rising trend in wheat prices.

He chaired a high-level meeting of the cabinet committee on the supply of essential food items, national stocks and price control. The meeting reviewed in detail the availability of basic items of daily use, national stocks, the procurement system, local consumption and price trends.

Stocks and the sugar situation

The meeting was told in a briefing that national stocks of essential items of daily use are satisfactory. It was told that current stocks are helping to keep supplies to the local market uninterrupted. National stocks and imported wheat are sufficient to meet needs until the next crop arrives.

The meeting was also briefed on the sugar market. It was told that the price of sugar in the local market is significantly below the fixed retail price of Rs155 per kilogramme. According to officials, stocks of sugar above the required consumption are available until the coming crushing season. This is expected to help meet local needs.

Instructions to the departments concerned

Expressing concern over the rise in wheat prices, the deputy prime minister instructed the officials concerned to take all necessary steps, including increasing the supply of wheat, to ensure price stability. He stressed continuous monitoring of the availability and prices of essential items so that consumers could be protected from unnecessary price rises.

He said ensuring food security and providing essential items to the public at reasonable prices are among the government’s priorities. He also directed that the system of buying and selling goods in the markets be closely watched and that effective steps be taken to prevent unnecessary increases in prices.

A zero-tolerance policy was ordered against hoarding and speculation in the market. All departments concerned will play their part, through mutual coordination, in ensuring uninterrupted supply of essential commodities.

The meeting reaffirmed its resolve to continue monitoring the stocks, demand and supply, and prices of essential food items.