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Government to Build Strategic Reserves of Essential Items

Islamabad: Finance Minister Shaukat Tarin stated that the government is dedicated to establishing strategic stocks of key commodities such as sugar, wheat, legumes, edible oil, and ghee to ensure price stability and prevent excessive profiteering and hoarding.

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At a meeting of the National Price Monitoring Committee (NPMC), he stated that strategic reserves will assure the timely availability of essential commodities to close the supply-and-demand mismatch.

He noted that the prices of six items fell while those of 22 items stayed unchanged. The committee also examined the monthly inflation trajectory, noting that the Consumer Price Index (CPI), which stood at 8.4% in July 2021, decreased by 1.3 percentage points from June 2021’s 9.7%.

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The NPMC instructed the Ministry of Industries and Production to speed up the bidding procedure and provide weekly updates to the committee.

Waqar Masood, the minister of finance, discussed the costs of petroleum goods in neighboring nations. The committee praised the fact that the unit cost of gasoline and electricity in Pakistan was the lowest among regional economies.

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