Price monitoring unit to crack the whip in six months

CM Punjab orders sunflower, canola cultivation to reduce palm oil import

LAHORE:

Approving a new price control mechanism as per international standards for the province, Punjab Chief Minister Maryam Nawaz Sharif has ordered that a special monitoring unit (SMU) should be made fully operational for the purpose within six months.

She was chairing a meeting in which a detailed briefing was given about the mechanism for ensuring price control and other issues.

According to an official statement, a new institution has been established to ensure price control in the province to protect its people from inflation. Proposals, to ensure production and availability of wheat and other commodities along with fixing their prices were reviewed in the meeting.

The chief minister directed the authorities concerned to take necessary measures to increase the cultivation of sunflower, soybeans and canola to reduce dependence on imported palm oil along with enhancing local production in order to meet the needs in every city of tomatoes, onions and other commodities.

It was decided that forecast bulletins would be issued to help stabilise market prices and artificial intelligence would utilised for price control under the SMU.

It was decided in principle to establish an Agri Monitoring Fund in Punjab.

Measures to connect farmers directly with buyers were also reviewed along with a proposal to register traders doing business in markets.

CM Maryam Nawaz issued directives to expedite nomination of the PAMRA (Punjab Agricultural Marketing Regulatory Authority) Board and market committee chairpersons.

The CM was informed that the reason for increase in the price of ghee and edible oil is price hike of palm oil in the global market.

Officials said the crop yield of wheat and other commodities will be determined in advance with the help of technology.