Provinces asked to take action against profiteers, hoarders

A meeting of the National Price Monitoring Committee has asked the provinces to take necessary action under the law for taking profiteers and hoarders to the task to prevent the practice at every level. The meeting presided over by the secretary finance on Wednesday decided that the local government heads should ensure display of price lists and its applicability. Smuggling of essential food items should be dealt with utmost severity.

Secretary Finance and secretary Ministry of National Food Security and Research stated that prices of essential items were increasing in the markets around the country and causing unrest among the public. Both the secretaries added that after devolution, price control falls under the domain of the provinces, and they should accept this responsibility and make efforts to check hoarding and profiteering.

The meeting also noted that the local governments should be ready and prepared to take additional measures during Ramazan to save the masses from price hike. If any help is required from the federal government, the federal government shall be ready to facilitate. Provinces should share information as to which items other than the essential items, is adding to inflation and how the government can help in coping with the scarcity. The provinces should also share and guide the federal government and other provincial governments that how network of sasta bazaars will help reduce inflationary pressures on the common man.

The meeting was presented data on consumer price index (CPI) and sensitive price index (SPI) by the economic adviser's wing at the Finance Division with input from the Pakistan Bureau of Statistics (PBS). The meeting was informed that inflation had increased around 14.6 percent in January compared to the same period last year; however, during the past five weeks the SPI was showing a declining trend.

On the week ending February 13, 2020, the SPI was -0.38, the meeting was informed. The prices of 13 items decreased and 19 remained stable in the past week. It was observed that wheat was the cheapest in Punjab and highest in Sindh (Rs809 per 20 kg and Rs 1,058 respectively).

As far as the federal government is concerned, secretary Finance stated, the issue was being taken with utmost importance as the prime minister was particularly interested in reducing the burden on the common man, which was increasing due to increase in the prices. The prime minister is personally engaging the provincial chief secretaries twice a week to ensure swift action. The meeting was informed that the prime minister has also given subsidy to the Utility Stores Corporation (Rs 15 billion) and there were suggestions to open more of outlets in various parts of the country where they were needed. The federal government is also taking measures to control smuggling of essential food items.

The Ministry of NFS&R is also preparing proposals to be approved by the ECC that will help in controlling the deficiency of essential items. The federal government is doing everything possible in its domain.

The secretary said that, "there will be accountability for all those who are not taking the appropriate measures as general public is suffering owing to increase in the prices. The government is mindful of the welfare of the people. The meeting also decided that there will be a follow up meeting in the next week as the PM has special interest in reducing the level of prices of essential items all over the country."

Senior representatives of the provincial governments, the ICT Administration, PBS, Ministry of Commerce, Ministry of National Food Security and Research, the Utility Stores Corporation, Pakistan Customs and Cabinet Division attended the meeting.