Finance Minister Shaukat Tarin says the government is making vigorous efforts in building strategic reserves of essential commodities, including sugar, wheat, pulses, edible oil and ghee to ensure price stability and prevent undue profiteering and hoarding.

Chairing meeting of the National Price Monitoring Committee in Islamabad today (Monday), he strategic reserves would ensure timely availability of basic commodities to bridge the gap between supply and demand.

The meeting was briefed that procurement orders to purchase 220,000 ton of wheat has already been placed.  While taking stock of the situation, the NPMC directed to import two million tons of wheat to ensure adequate stocks of the wheat in the country.

It was informed that efforts are underway to import of 600,000 tons of sugar for maintaining buffer stocks. It was told that the tendering process has been initiated and adequate stocks of sugar will be available in the country until the next sugar season,.

The NPMC was apprised that per unit cost of petrol and electricity are cheapest in Pakistan as compared to the regional economies. It was said that the Government has absorbed the pressure to provide maximum relief to the consumers.

In his concluding remarks, the Finance Minister highlighted the rising trend in international commodity prices amid COVID-19 pandemic and underscored the efforts being made for keeping the prices of essential items in check. He further stated  that any assistance, financial or otherwise, needed in this regard will be provided to the respective provincial administrations and departments concerned  for effective monitoring and to lessen the burden of price fluctuation due to international price hike.

                             Akram