Tarin calls for stopping fertiliser smuggling

Directs FBR to take immediate action to ensure price stability

ISLAMABAD:

Minister for Finance and Revenue Shaukat Tarin has expressed concern over the smuggling of fertiliser to neighbouring countries, directing the Federal Board of Revenue (FBR) to immediately take action against it in order to ensure price stability.

Chairing the National Price Monitoring Committee (NPMC) meeting on Monday, Tarin also directed the Ministry of National Food Security and Research to work out realistic data on wheat production, in consultation with the provincial authorities, to assess the accurate future requirement for import of the commodity. NPMC was informed that there was an increase in prices of wheat flour in Karachi, which impacted the national average price of the commodity.

The minister was apprised of the stock position of wheat in the country, which “is sufficiently available”. The meeting was also briefed about sugar prices in the country. Tarin asked the Ministry of Industries and Production to expedite the building of strategic reserves of sugar through local procurement, as approved by the Economic Coordination Committee (ECC). Regarding pulses, NPMC was told that there was price stability in the country. The price of moong pulse registered a decline due to record production, and the price of maash pulse also decreased, it was informed.

Moreover, the price of masoor pulse was stable. The meeting was briefed about the rise in prices of vegetable ghee in the country. On a year-on-year basis, prices of palm and soybean oil increased 49.2% and 72.4% respectively in the global market, it was informed. In that regard, Tarin directed the Ministry of Industries and Production to ensure that a 10% duty relief was passed on to the consumers on priority. The meeting reviewed the wholesale and retail price margins.

Provincial authorities of Punjab, Sindh and Balochistan were asked to take administrative actions for ensuring the minimum wholesale and retail price gap in daily commodities like potato, onion, etc. Regarding the proposal of providing vegetables at Utility Stores Corporation (USC) outlets, the corporation’s managing director informed the meeting that such facilities had been started at USC outlets in the capital, while for provinces consultation was underway with the relevant authorities.