ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has constituted a core group of Federal Secretaries to deliberate on the issue of a wide gap between wholesale and retail prices of essential food items and their demand and supply situation, well informed sources told Business Recorder.
During discussion on inflation at a recent meeting of ECC, it was stated that more efforts are needed to reduce the yawning gap between wholesale and retail prices in the Federal Capital and other areas and for this purpose the provincial and district administrations need to gear up their efforts.
The National Price Monitoring Committee (NPMC) should keep a close watch on the actions taken by the provinces and the ICT administration in their regular meetings and their efforts should translate into a substantial reduction in the gap between the retail and wholesale prices. It was emphasised that concreted steps taken by the NPNC should be reported to the ECC.
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It was further emphasised that a regional comparison of price of essential commodities should also be presented before the ECC as in the past. It was also suggested that a core group of relevant stakeholder divisions should be formed to assess the demand, supply and stock position of essential commodities and strategic crops which should meet to deliberate on all the necessary aspects and then suggest measures to reduce prices on one hand and suggest the future needs based on the available stocks and future demand projections on the other.
After detailed discussion, on key economic indicators including inflation, ECC noted the position presented therein and further directed that the NPMC needs to play a more robust and effective role and the regular NPMC meetings should focus on mobilising provincial governments and the ICT administration to effectively control prices, which should translate into reducing gaps between wholesale and retail prices of essential commodities to a reasonable level.
The Ministry of Planning, Development and Special Initiatives has been directed to present a regional comparison of prices of essential food items from other countries of the region as well and present a snapshot of international prices of essential commodities in future meetings of the ECC. The ECC also directed that a core group be constituted under the chairmanship of Secretary, Planning, Development & Special Initiatives Division and comprising Secretaries of National Food Security & Research, Industries & Production and Commerce Divisions to deliberate on the issue of the wide gap between wholesale and retail prices of essential food items and their demand and supply situation.
The Committee will also deliberate on demand, supply and stock position of strategic crops and based on their analysis will determine the need to import or otherwise of any commodity to maintain food security and present an analytical review and will suggest possible measures with viable recommendations to the ECC for consideration.
Copyright Business Recorder, 2023
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