Planning Minister Ahsan Iqbal last week chaired a meeting to review the existing federal and provincial price control mechanisms and monitor prices of essential commodities during the month of Ramzan and the upcoming Eidul Fitr festival.
Emphasizing the need for a coordinated and effective strategy, Iqbal acknowledged that a hike a demand would yield a modicum increase in prices, but stressed that unjustified price hikes were unacceptable. He urged all officials concerned to proactively manage supply and demand during this period to avoid unnecessary price hikes.
During the meeting, representatives of provincial governments and federal ministries briefed the participants on arrangements to curb profiteering. In its briefing, the Ministry of Food said it expected the supply and prices of essential items to remain stable during Ramzan. It said Punjab had reported a bumper potato harvest, which had led to a significant drop in prices in recent weeks.
According to the ministry, the prices of onions and tomatoes has also remained stable, while there is no shortage of sugar. The participants noted the impact of global price increases on cooking oil, stressing there was no shortage. Demand for pulses, chicken, and dates typically increases during Ramzan, they said, but arrangements for their supply are completed. The harvest of dates and bananas has been particularly good, ensuring these items will be abundantly available during the holy month.
Pakistan Bureau of Statistics Chief Statistician Naeemul Zafar informed the meeting his organization is providing comprehensive data on prices and inflation through decision support system, enabling informed decisions. He said the recent decline in the inflation rate was not just reflected in percentage terms, but had also yielded a noticeable decrease in actual prices of several commodities, as with flour which had seen the price of a 20kg bag reduce from Rs. 2,812 in January 2023 to Rs. 1,736 in January 2024.
In their briefings, all provinces provided updates on arrangements for Ramzan. The Punjab government unveiled the “Nigahban Ramzan Package,” worth Rs. 30 billion, which will establish 52 utility markets where 16 essential commodities will be provided at discounted rates. Overall, the province is setting up 67 model bazaars. It has also tasked district committees with monitoring prices of essential items. Khyber-Pakhtunkhwa has activated price control teams, while Balochistan has mobilized market committees to control price hikes.
The planning minister reiterated the need for special attention during both Ramzan and Eidul Fitr to ensure no disruption in supply. He also called for eliminating the price difference between wholesale and retail and advocated an effective strategy to curb hoarding.