reduction in gap would significantly lower prices of the essential commodities for end users: Tarin

ISLAMABAD (APP) - Federal Minister for Finance and Revenue Shaukat Tarin has directed the National Price Monitoring Committee (NPMC) to adopt a comprehensive and pro active strategy to minimize the prices gap between growers and retailers.

The minister was presiding over the meeting of the National Price Monitoring Committee (NPMC), according to press statement issued by the Finance Ministry.

He said that this reduction in gap would significantly lower the prices of the essential commodities for end users.

He briefed the participants the prime minister was determined to bring ease in the lives of the poor .

A multi-pronged approach was being followed for this purpose,he said, adding different schemes and incentives had been rolled out and many more were on the cards to uplift the lives of common people.

He said that the recently presented federal budget 2021-2022 was practical manifestation of pro poor approach of the government.

All departments and organizations should contribute to uplift lives of the under privileged and prices of commodities of daily use had direct impact on lives of common people, he added.

Similarly, NPMC is a forum which is actively monitoring the prices of essential items and ensuring its smooth supply.

The difference between wholesale and retail prices of essential items is not only huge but also varies across different cities which require thorough analysis.

During the meeting, the Secretary Finance briefed that the weekly SPI decreased by 0.59 % during the last week and a week earlier the weekly SPI declined by 0.61 percent.

He said that it was the third consecutive week that SPI was declining, adding that the prices of 09 items declined during last week and the prices of 28 items remained stable while prices of 14 items saw slight upward trend.

The meeting took stock of the strategic reserves of essential commodities and the minister issued directions to relevant departments to maintain the strategic reserves of essential commodities and ensure timely and appropriate measures to avoid any untoward situation.

He further said that Federal Bureau of Statistics was an independent entity but a committee with SAPM on Finance and Revenue as chairman and consisting of representatives from all stakeholders including representatives from provinces should engage with Federal Bureau of Statics to work out further perfection in data collection mechanism of PBS wherever required.

Among other the meeting was attended by SAPM on Finance and Revenue, Federal Minister for National Food Security and Research, Secretary Finance Division, all Chief Secretaries, Chief Commissioner Islamabad, representatives of Pakistan Bureau of Statistics, Ministry of Commerce, Ministry of Planning, Development and Special Initiatives and other relevant departments.