Govt striving to ensure smooth supply of basic items: Tarin
Govt striving to ensure smooth supply of basic items: Tarin
ISLAMABAD (Dunya News) - Finance Minister Shaukat Tarin said that government is striving to ensure smooth supply of basic items through a network of Ramadan Sahaulat and Saasta Bazaars and Utility Stores to ease shortages and check price hike.
Chairing a meeting of the National Price Monitoring Committee in Islamabad today (Monday), he said the COVID-19 pandemic has caused price hike in food items in international markets especially edible oil, sugar, tea and wheat.
The Finance Minister said cartelization is not acceptable at any cost and stern action will be taken to keep the prices of basic commodities in check and all those responsible for undue profiteering or hoarding will be taken to task.
Taking stock of the situation, the Finance Minister directed all the provincial Governments to ensure daily release of wheat at subsidized rates to avoid any shortage.
The meeting was apprised that prices of seven basic commodities registered a decline whereas 26 items remained stable during last week.
The NPMC noted that major driver behind increase in prices of items of daily use is massive international price hike due to ongoing COVID-19 crisis.
The Year-on-Year comparative analysis indicates that price of Crude Oil increased by 178 percent in April this year.
Similarly, the prices of sugar in international market went up by 57 percent in year-on-year comparison.
Furthermore, international prices of palm oil, soybean oil and wheat also continued upward trend leading to sharp increase in prices of basic items in domestic markets.
