The Ministry of Food, Agriculture and Livestock (Minfal) will issue an SRO for import of wheat flour on Tuesday, official sources told Business Recorder here on Saturday. Sources said the Minfal has completed all formalities with regard to specifications/quality of the wheat flour to be imported and the Central Board of Revenue has also issued SROs for withdrawal of customs duty, sales tax and 6 percent withholding tax.
Sources further told the private sector had placed orders for the import of over 100,000 metric tons of wheat @ $145 per ton, which will reach Pakistan next month.
Orders for the import of additional 150,000 metric tons by the private sector are in the pipeline which are $55 per ton less than the wheat imported by TCP.
Market sources opined that 400,000 to 500,000 metric tons of imported wheat costing Rs9,500 per ton or Rs9.50 per kg would be available to flour mills @ Rs 380 per 40kg from September.
It was, therefore, in the best interest of the local stock holders to sell their wheat before the arrival of imported wheat, otherwise, they might not get even their purchase price and high mark-up on bank loans.
They said prices of wheat were coming down as the national average wheat price was Rs440 per 40kg on Saturday (August 6). The government was determined to stabilise prices of essential and kitchen items at all costs and would never tolerate undue profiteering and hoarding, they warned.
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