Pakistan News

Provincial Government To Prevent Unjustified Profiteering: Ahsan Iqbal

Provincial Government To Prevent Unjustified Profiteering: Ahsan Iqbal

September 29, 2022 / By Zunair Tahir / Pakistan News

Today in Islamabad, Professor Ahsan Iqbal, Minister for Planning, Development, and Special Initiatives, presided over a National Price Control and Monitoring Meeting to evaluate the progress of the decisions made at the previous NPMC meeting.

There were officials from the Ministry of Finance, line ministries, the FBR, the Trading Corporation of Pakistan, the Utility Stores Corporation of Pakistan, PASSCO, and the Chief Economist, Dr. Nadeem Javaid.

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The Minister evaluated the actions taken by the respective departments and the resultant impact on the trend in pricing of basic products in light of the recent floods that caused damage to staple food commodities like wheat, potatoes, tomatoes, and other crops.

Sensitive Price Index Report was presented by the Pakistan Bureau of Statistics (PBS) (SPI). According to reports, production of ten necessities—including power, tomatoes, LPG cylinders, bananas, garlic, pulse masoor, and cooking oil—has decreased during the last week.

Wheat was included in the report on commodities with rising prices. The estimate comprising 17 cities and derived from various provinces was also considered at the conference.

It should be mentioned that the Sensitive Price Index (SPI) is calculated on a weekly basis in order to examine the country’s price situation and gauge how vital commodities are changing in price over shorter time periods.

The Pakistani Competition Commission gave an analytical study on the nationwide profiteering phenomenon. The Minister gave the order to dissuade shops from making excessive profits and to implement real solutions in this regard.

READ MORE: In Pakistan, Petrol Prices May Decrease By Rs.5 & Diesel Prices By Rs.15

Due to the enormous pricing differences between the wholesale and retail marketplaces. The minister further ordered the administration in Islamabad and the provincial governments to work together to reduce the profit margins between the wholesale and retail costs of necessities.

The Planning Minister instructed Provincial administration to closely monitor profiteering and to keep all associations informed in order to distribute aid to the general public.

The Ministry of Industries informed the public that the price of palm oil has significantly decreased on the global market; nevertheless, the local market would not immediately feel the effects of the substantial reduction on the global market.

The Minister of Industries was instructed to secure a 20 rupee reduction in Ghee/edible oil costs within the upcoming month.

The conference was informed that the destruction caused by floods has resulted in a significant reduction in the supply of commodities, which has increased prices overall. The Minister emphasized that the Laya supply of wheat should have a significant influence on Balochistan’s wheat prices.


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