08.12.2020 (www.thenews.com.pk) - ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Hafeez Shaikh on Monday asked the authorities to take necessary measures to control rising prices of poultry products and edible oil.

Shaikh advised the provincial governments to strictly monitor the prices of chicken and ensure smooth supply to minimise the demand supply gap.

Ministry of industries and production was also directed to take necessary measures to control rising prices of edible oil during a meeting of the National Price Monitoring Committee to discuss the prices and supply position of essential food items. Prices of poultry products significantly increased in a short span. Chicken prices surged to Rs300-400 per kilogram in Sindh from Rs200/kg during a couple of months, while an egg price increased to Rs15 to Rs18/egg from Rs10. Prices were seen increasing after a halt in interprovincial supply, while farms in the province were yet to recover from fallouts of rains that rendered adverse damages.

Pakistan is a major market of crude and refined cooking oil, mainly imported from Malaysia and Indonesia, while it imports soybean seed and oil from USA and Brazil. Soybean occupies main share in the oilseed import as it swelled to record 2.2 million tons during 2017/18 and 2.6 million tons in 2018/19.

The import of oilseeds was 1.67 million metric tons in 2014/15, which jumped to 3.4 million tons in 2018/19, showing a surge of 100.6 percent. Import of vegetable oil during the same period saw an increase of 11 percent -from 2.98 million tons in 2014/15 to 3.31 million tons in 2018/19. Finance adviser directed the food ministry to conduct an emergency meeting with Trading Corporation of Pakistan, maritime ministry, KPT and other stakeholders to review the implementation of the schedule regarding offloading of wheat vessels as decided by the logistic committee.

The finance secretary while presenting the price trend of essential commodities informed that according to latest sensitive price indicator there is decline in the prices of 13 essential commodities for instance wheat flour, sugar, onions, tomatoes and potatoes, while the prices of 17 commodities have increased slightly. Price of 21 items remained stable. The committee was also informed that profit margin between the prices of wholesale and retail consumers is also coming down.

The meeting was informed that at present sufficient quantities of wheat are available to meet existing demand. Further, the prices of perishable items as well as wheat and sugar are showing downward trend due to the improvement in their supply position and pricing mechanism.

Pakistan, the world’s eighth-biggest wheat producer, is importing wheat to plug over two million-ton shortage, caused in part by damage to crops after heavy rains. Private importers have booked 1.09 million tons of wheat, which will be shipped in 18 vessels until January.

Wheat is the staple crop and pillar of food security in order to meet 80 percent of the dietary needs with 38 percent share in calorie intake. It accounts for 8.9 percent of the value-addition in agriculture sector and 1.6 percent of the GDP.

https://www.thenews.com.pk/print/755345-adviser-for-steps-to-tame-poultry-edible-oil-prices