Says govt to ensure cut in cooking oil, ghee prices by Rs40-50 per litre/kg
ISLAMABAD
Finance Minister Shaukat Tarin has said that the federal government has decided to provide cash subsidies directly to ‘marginalised segments’ of the society on sugar, flour, edible oil and pulses in order to reduce their prices.
Addressing a press conference along with State Minister for Information Farrukh Habib and Special Assistant to the PM on National Food Security and Research Jamshed Iqbal Cheema on Wednesday, Tarin said after providing tax relief, the government will ensure price reduction in cooking oil and ghee by Rs40 to Rs50 per litre/kg.
He said the subsidy programme will be launched in October to benefit 12.5 million households which are about 40 to 42 percent of the population.
The minister said that food inflation has witnessed a big jump across the world during the last couple of years which is the highest in over four decades. He maintained that food inflation in the country slowed down during the previous months as urban and rural food inflation in July was 15 percent and 17 percent respectively, which decreased to 9.1 percent and 10 percent respectively.
He said despite a significant increase in international prices of palm oil by over 50 percent, the federal government is looking to decrease the prices to provide maximum relief to the masses. “In the international market, the price of palm oil increased from $760 per metric tonne to $1,136 per metric tonne while in Pakistan, the prices of cooking oil increased by 33 percent,” he added.
The finance minister added that wheat is being released at the rate of Rs1,950 per 40kg whereas the price of sugar had been notified at Rs89.75 per kg. He stated that efforts are also underway to reduce the profit margins of the middlemen.
He said the government is trying to revive price control committees which will benefit the common man. Strategic reserves of essential commodities are also being built to ensure price stability and prevent profiteering and hoarding, he added.
The finance minister said that the Kamyab Pakistan Programme is being launched by the end of September to uplift the weak segments of the society and added that the programme would provide easy loans for businesses and the agriculture sector.
Speaking on the occasion, Farrukh Habib said the government has not fully passed on the impact of the increase in international prices of essential commodities to the masses. “Effort has been made to extend relief to the people. The world has appreciated Pakistan’s handling of Covid-19,” he added.
SAPM Cheema claimed that Pakistan’s oil, wheat and sugar prices are the lowest in the region.
