Price stabilizes due to market intervention: PM

KARACHI—Prime Minister Shaukat Aziz on Saturday said that for the first time in Ramazan, the prices of essential items have been reduced due to government's effective check on markets.
He was talking to newsmen after paying a visit to a utility store in Gizri area. Sindh Governor Dr Ishratul Ibad Khan, federal Minister for Information and Broadcasting Muhammad Ali Durrani and high officials were also present on the occasion.
"We are satisfied that our measures to control prices during Ramazan have directly benefitted common person," the prime minister said and added that people are urging the government to continue this price control programme and assure that the government consider this request.
Shaukat Aziz said the prices of essential items including Atta (flour), lentils, sugar ghee have been reduced in the month of Ramazan. "This is for the first time that prices of essential items have not been increased in Ramazan due to a positive policy of the government of storing these item ahead of Holy Month for effective intervene in the market", he observed.
He noted that for other goods daily use items like fruits, vegetables meat, the price magistrates were playing their role in controlling their prices.
The Prime Minister said that he was told that sale of this (Gizri) utility store was doubled in Ramazan. In some cities it has been quadrupled and the quality is also good, he added.
The Prime Minister said that Atta was selling at Rs 11 per kilo which is the cheapest in the entire South Asian region. The atta is available at subsidized prices at utility stores by the government.
Similarly, sugar is available at Rs 27.50 per kilo at USC. He said that sugar price in open market has also come down from Rs 40 per kg, two months ago to Rs 32 a kilo due to government's policies.
"We have removed a common impression that price of any commodity can down after touching peak in Pakistan", he added.
Shaukat Aziz said that the sale of lentils at subsidized prices at utility stores have also helped in stabilizing their price in the open market. The prices of moong and maash have starting coming down in the open market due to release of new stock by the government and arrival of new crop.
"We are trying to stabilise prices of essential items in the market and encourage opening of new markets. He pointed out that Pakistan was facing a challenge of an inefficient supply chain and the government is trying to improve this system.
"There is only one sabzi mandi (vegetable market) in Karachi and I have asked Sindh government to open five more. This will improve supply side and ultimately have a positive impact on overall prices", he added.
To a question, the prime minister said USC was opening 20 new utility stores in Karachi soon to cater to rising demand. One has been opened in Lyari.
Earlier on arrival, the prime minister asked the buyers about the quality and prices at utility stores. He himself took round of the store and checked quality of items and price tags.
A lady told the prime minister that quality of items was good. Appreciating the government for price reduction at USCs, she urged the prime minister to continue this package even after Ramazan to benefit common citizen.
The manager of the store informed the prime minister that the monthly sale has jumped from Rs 5 million to Rs 10 million during Ramazan.—Agencies