ECC Approves Higher Rates for Essential Commodities at Utility Stores
ECC Approves Higher Rates for Essential Commodities at Utility Stores
File photo
Meeting approves procurement of cotton bales, import of sugar, and auction of spectrum to improve mobile phone services in Pakistan-administered Kashmir
The federal cabinet’s Economic Coordination Committee (ECC) on Friday approved a substantial hike on prices of essential commodities such as wheat flour, ghee and sugar, notably allowing the subsidized Utility Stores Corporation to sell them at rates closer to market values.
In a statement issued after the meeting, which was led by Finance Minister Shaukat Tarin and attended by one two of the committee’s 14 members, the ECC said it had increased the prices of the edibles on the recommendation of the Ministry of Industries and Production. It said that the price of ghee at the subsidized Utility Stores was increasing from Rs. 170/kg to Rs. 260/kg, a 53 percent hike. Similarly,
Pakistan govt increases price of sugar, flour and ghee amid worsening economic situation
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LAHORE: The Pakistan Agricultural Storage and Services Corporation Limited (Passco) has signed a memorandum of understanding (MoU) with the Trading Corporation of Pakistan (TCP), both public sector federal entities, for the import of 1.5 million tonnes of wheat.
“We have signed an MoU with the TCP for the import of 1.5 million tonnes of wheat to maintain strategic grain reserves during the crop year from April 1 to March 30,” Passco General Manager (Field) Mazahar Iqbal told Dawn here on Tuesday.
Actually the TCP would be importing 2m tonnes of wheat of which 500,000 tonnes would be for Khyber Pakhtunkhwa, he said.
Although the country has reaped a bumper crop of wheat at 27.3m tonnes this season, it still falls short of meeting its annual demand of 29m tonnes. The federal government has allowed a total import of 4m tonnes of grains to meet the shortfall as well as replenish buffer stocks this year.
According to the data of Sensitive Price Index (SPI), sugar prices soared to Rs98-110 per kg in major cities of Pakistan in FY21. Reuters/File
KARACHI: Despite higher sugar production and heavy imports, consumers paid Rs20-25 more to buy a kilo of the sweetener in 2020-21.
In another development, the wholesale price in Karachi’s Jodia Bazaar rose to Rs100 per kg from Rs92 in the first week of the latest fiscal year, which starts on July 1, forcing the retailers to charge Rs105-110 per kg depending on the area.
According to the data of Sensitive Price Index (SPI), sugar prices soared to Rs98-110 per kg in major cities of Pakistan in FY21 as compared to Rs78-85 in the preceding year.
HAMBURG: The Trading Corporation of Pakistan (TCP) purchased 100,000 tonnes of white sugar in a tender for the same volume which closed last week, European traders said on Monday.
It was all bought at $526.80 tonne c&f from Al Khaleej Sugar (AKS), which was the lowest offer submitted in the tender.
Published in Dawn, July 6th, 2021
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