ISLAMABAD: Federal Minister for Finance Dr Hafeez Shaikh on Monday directed the Ministry of Industries and Production (MoIP) to continuously monitor stocks of sugar, its supply position and prices in the market.

The direction came from the minister while chairing a weekly meeting of the National Price Monitoring Committee (NPMC). Federal Minister for National Food Security and Research Fakhar Imam, Special Assistant to the Prime Minister on Revenue Dr Waqar Masood, and provincial chief secretaries attended the meeting.

An official statement said that Secretary MoIP apprised the NPMC that arrangements were underway to import sugar, which will ensure its smooth supply in the domestic market. There would be increased production of sugar during the current crushing season as per latest estimates, he added.

The secretary updated the NPMC about the fluctuation in international prices of palm oil and soyabean which in turn has pushed up prices of edible oil in the domestic market. The ministry is closely monitoring the situation to minimise its impact on domestic prices, he added.

The NPMC was briefed about the current status of wheat stocks which are said to be sufficient for domestic consumption. Average per day release by the provinces is also stable.

The NPMC directed the provincial governments to keep close watch on the prices of wheat and sugar in the market to avoid hoarding, black marketing and smuggling to ensure uninterrupted supply at affordable prices.

The NPMC reviewed the price trend of essential commodities especially wheat flour, eggs, chicken, sugar and edible oil during the last week. Finance secretary outlined the significant decline in year-on-year CPI to 5.7pc in January 2021 as compared to 14.6pc in January last year.

The finance minister reiterated the firm commitment of the government to ensure provision of essential commodities at affordable prices across the board, added the announcement.

Published in Dawn, February 2nd, 2021