Finance Minister Shaukat Tarin has asked the Ministry of National Food Security and Research to come up with accurate requirement of wheat imports after consultation with the provinces on the basis of realistic data of future consumption and arrival of fresh wheat crop.

The meeting of the NPMC, presided over by the finance minister to review the prices of essential commodities, was briefed about weekly SPI was informed Monday that wheat stock position is sufficient enough in the country.

However, keeping in view arrival of fresh stock and future consumption, the minister directed the Ministry of National Food Security and Research to work out realistic data on wheat production, in consultation with the provincial authorities to assess the accurate future requirement of wheat for imports.

The representative of Balochistan government apprised the meeting on the sufficient availability of wheat stock in the provinces.

The meeting was informed that the prices of eight items declined, 18 items remained stable and prices of 25 items increased. The NPMC was updated on the wheat flour prices in the country, an increase in the prices of wheat flour in Karachi has impacted the national average price.

The meeting of the NPMC was also informed on the sugar prices in the country and chair directed to expedite the process of building strategic reserves of sugar through local procurement as approved by the Economic Coordination Committee (ECC) of the Cabinet.

The NPMC was also briefed on the prices of pulses in the country, and was informed that there was stability in price of pulses, while the price of moong registered decline due to record domestic production, whereas, maash pulse also has shown decline in its prices. The prices of masoor have remain stable.

On the rising prices of vegetable ghee in the country, the meeting was informed that year-on-year prices of palm and soybean oil increased by 49.2 percent and 72.4 percent respectively in the global market.

The finance minister asked the Ministry of Industries and Production to take immediate action to ensure that relief of 10 percent on duty has been passed on to the consumers.

The story was originally published in Business Recorder on March 29, 2022.