Pakistan : Punjab begins release of wheat from stocks at the rate of Rs3,800/40kg
Punjab has begun releasing official wheat stocks at Rs3,800 per 40 kg to curb rising wheat, flour and bread prices, while transferring 1 million tonnes from PASSCO. Flour millers welcomed the move but urged timely wheat imports to prevent shortages later this year.
LAHORE: The Punjab government on Tuesday announced beginning of release of wheat from its official stocks at Rs3,800 per 40kg to stabilize wheat, flour and bread prices across the province, while the Pakistan Flour Mills Association (PFMA) welcomed the move but urged the government to also take timely decision of importing wheat to avert a possible shortage later this year.
Director General Food Punjab Amjad Hafeez said the official wheat release had commenced under the directives of the Punjab government and that the price had been fixed at Rs3,800 per 40kg, adding that the rate would be reduced further gradually with the passage of time. He said one million metric tonnes of wheat from the Pakistan Agricultural Storage and Services Corporation (PASSCO) was being transferred to the Punjab Food Department to ensure sufficient availability of the commodity across the province.
He said Chief Minister Maryam Nawaz had directed that wheat, flour and bread prices should not be allowed to increase under any circumstances and that these essential food items must remain within the purchasing power of the general public, particularly low-income households. The DG Food said the release of official wheat stocks would continue under a comprehensive strategy, while market prices were being closely monitored. He warned that strict legal action would be taken against hoarders and elements involved in creating artificial shortages.
Meanwhile, PFMA Chairman Asim Raza welcomed the Punjab government’s decision, saying it would help stabilise wheat prices in the market. He said wheat was currently being sold at Rs4,300 to Rs4,500 per maund across Punjab, leading to higher flour production costs and increasing flour and bread prices. He said the release of official wheat stocks and the elimination of artificial shortages would help bring down flour and bread prices, providing relief to consumers.
However, he urged the government to also take a timely decision on wheat imports, warning that Pakistan could face a flour shortage by December if adequate supplies were not ensured.
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Source : Business Recorder
