ISLAMABAD: The National Price Monitoring Committee (NPMC) has been informed that crushing of sugarcane in the Punjab will be started in the first week of November and in Sindh by mid-November, 2020.
The meeting of the NPMC was held under the chairmanship of the Special Secretary Finance to discuss/evaluate the reasons for increase in prices of essential commodities with particular focus on perishable items.
The representative from the Punjab government has informed that crushing of sugarcane will be started in the first week of November.
The Punjab government has imposed heavy fine through legislation in order to expedite the timely crushing of sugarcane, whereas, the representative from the Sindh government also informed that crushing will start by mid of November, 2020.
The NPMC has directed the district administrations to remain vigilant and control the prices of essential commodities including tomato, potato, wheat, sugar etc through strict price enforcement.
The meeting was convened on the directions of the Prime Minister's Office to discuss the abnormal variation in the prices of perishable items such as tomatoes, potatoes, onions as well as other essential items such as wheat, sugar, and chicken. The NPMC meeting, chaired by the special secretary finance, called upon the district administrations that the focus should be to minimise price disparity between the wholesale and retail prices of the essential commodities, which leads to inflation.
The meeting was attended by the representatives from the provincial governments, the Islamabad Capital Territory, the ministries of Industries, Commerce and National Food Security and Research, along with Competition Commission of Pakistan, and the Pakistan Bureau of Statistics.
The meeting was informed that the CPI inflation year-on-year was recorded at 9.0 percent in September 2020 as against 11.4 percent during the same month last year.
The meeting also noted that average inflation during July-September FY 2020-2021 also showed a declining trend, and recorded at 8.8 percent as compared to 10.1 percent same period last year.
It was, however, noted that the profit margin between wholesale and retail has risen especially in potatoes, tomatoes and onions, which are affecting the common man. It was observed during the meeting that an upward trend was witnessed in prices of perishable commodities during September-October 2020.
The reason cited for the upward pricing trend was unprecedented rainfall, which adversely affected the local produce. The price hike is likely to stabilise by November, 2020 onwards, when local produce would be available in the markets.
It was observed with concern that the difference between wholesale and retail prices of the essential commodities was becoming a serious challenge for the provinces.
The representative from Ministry of NFS&R has informed that seven vessels carrying 0.433 million MT of wheat from the private sector have arrived in the country, while TCP has been allowed to import 1.650 million tons.
The TCP has so far arranged 0.330 million tons, which is expected to be arriving in October (four ships) and in January 2021 (two ships).
The representative from the Ministry of Industries and Production informed that the TCP would import 151,700 tons of sugar.
He added that private dealers stocks 0.445 million tons were available till 04th November, whereas, Sindh Cane Commissioner reported total stock of sugar was at 0.565 million tons, which would be available till 9th November 2020.
The representative from the Punjab government has informed that crushing of sugarcane will be started in the first week of November. The Punjab government has imposed heavy fine through legislation in order to expedite the timely crushing of sugarcane, whereas, the representative from the Sindh government also informed that crushing will start by mid of November, 2020.
The NPMC meeting chaired by the special secretary finance called upon the district administrations to remain vigilant and control the prices of essential commodities namely tomato, potato, wheat, sugar etc through strict price enforcement.
The focus should be to minimise price disparity between the wholesale and retail prices of the essential commodities which leads to inflation.
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