ISLAMABAD   -  National Price Monitoring Committee on Monday noted that prices of basic food commodities including edible oil and sugar would decline in next few days.

Federal Minister for Finance & Revenue, Dr Abdul Hafeez Shaikh chaired the meeting of the National Price Monitoring Committee (NPMC) yesterday. The NPMC reviewed the price trend of essential commodities especially wheat, sugar and edible oil during the week. Finance secretary briefed the meeting about the weekly SPI and decline in prices of wheat flour, vegetables and eggs due to coordinated efforts of all the provincial governments across the country. On the whole, prices of 08 items registered decline whereas 24 items remained stable during the week.

The secretary, M/o NFS&R, briefed NPMC that the current stock of wheat is sufficient for the domestic consumption and average per day release by the provinces is also satisfactory. The prices of wheat flour registered a continuous decline due to improved release of wheat (per day) and its steady supply across the country, he outlined.

The finance minister lauded the coordinated and consolidated efforts of the federal and provincial governments for uninterrupted provision of wheat throughout the country.

Federal Minister for Industries & Production, Hammad Azhar updated NPMC about the significant decline in the international prices of palm oil and soyabean which will eventually reduce the recent upward pressure on the prices of edible oil in the domestic market. The Committee directed Ministry of Industries & Production to take necessary measures to ensure that the recent reduction in international prices of edible oil is passed on to the domestic consumers effectively.

Minister for Industries & Production further apprised NPMC that retail price of sugar has witnessed a decline during the week under review and would reduce further as imported sugar would be available soon in the domestic market. The NPMC appreciated efforts of all relevant authorities to ensure sufficient stock of sugar in coming months.

Member Pakistan Bureau of Statistics informed the Committee that provinces are on board for smooth implementation of newly developed dashboard of prices of essential items. Steps are being taken to make the system fully functional for monitoring price disparity across the provinces, he added.

The finance minister emphasized proactive role on behalf of all authorities concerned to ensure smooth provision of essential items at affordable rates to general public. 

Federal Minister for Industries & Production Hammad Azhar, SAPM on Revenue Dr Waqar Masood, Provincial Chief Secretaries, Secretary Commerce, Secretary M/o Industries & Production, Secretary National Food Security & Research, Additional Secretary M/o Planning, Development & Special Initiatives, Chairman FBR, Member CCP, Chairman TCP, MD USC, Member PBS and senior officers of the Finance Division participated in the meeting.