Tag: Caretaker Minister

  • Price Monitoring Committee responds to alarming spike in food prices

    Price Monitoring Committee responds to alarming spike in food prices

    In response to the surge in food prices, the Food and Industries Departments of Punjab, Sindh, and KP have jointly implemented robust monitoring measures, including heavy fines, surprise raids, and the sealing of establishments engaging in price gouging.

    The Caretaker Minister for Planning, Development, and Special Initiatives, Muhammad Sami Saeed, led a crucial meeting of the National Price Monitoring Committee (NPMC) on Tuesday.

    The committee convened to assess the prices of essential commodities amid the current economic challenges.

    As of the week ending on January 11, 2024, the Chief Statistician, PBS, presented a comprehensive overview of the country’s price situation.

    The report revealed a 1.4 per cent increase in the SPI over the previous week (WoW) and a significant 44.2 per cent surge over the corresponding week of the previous year.

    The spike in SPI was primarily attributed to the increased prices of perishable items such as tomatoes and onions, as well as poultry products like chicken and eggs.

    Out of the 21 monitored items, prices for 21 increased, 8 decreased, and 22 remained stable. Noteworthy declines were observed in the prices of potatoes, vegetable ghee, and sugar.

    During the meeting, the minister inquired about the measures taken by provincial governments and ICT to bridge the gap between wholesale and retail prices.

    Representatives from the provincial Food and Industries Departments of Punjab, Sindh, and KP assured strict monitoring through the imposition of heavy fines, surprise raids, and the sealing of shops involved in overcharging.

    Despite challenges in the supply of perishable items due to extreme weather conditions, the meeting underscored the importance of addressing climate change.

    The administration of Punjab is actively working on controlling prices by sensitising Deputy Commissioners across the province.

  • Commerce minister warns of financial loss over proposed early market closure 

    Commerce minister warns of financial loss over proposed early market closure 

    Caretaker Minister for Commerce, Industries, and Production, Dr Gohar Ejaz, has voiced his opposition to the early market closure proposed as part of the energy conservation plan, expressing concerns over the significant financial losses the government could incur as a result.  

    According to ARY News, Dr Ejaz said that Pakistan currently has a surplus of electricity, making the decision to close markets prematurely economically unfavorable. 

    He revealed that recommendations were sought from all chambers of commerce across the country within a 30-day period. Additionally, Dr Ejaz announced an upcoming anti-gas theft initiative following the anti-power theft operation. He urged traders to be flexible, considering the limited gas resources in the country. 

    Furthermore, he revealed plans to invite 100 international brands to a conference in Pakistan, granting them the status of state guests. Dr Ejaz also mentioned the current exchange rate of the US dollar, which stands at Rs260. 

    To encourage the purchase of electricity from Thar, he directed Sindh and Punjab to do so, promising tax exemptions if they comply. This move aims to make electricity tariffs in these regions more competitive. 

    The caretaker minister stressed the need to boost exports, pointing out that Pakistan’s foreign direct investment is contingent on increased exports. He called for cooperation from business leaders to resolve various issues.  

    Dr Ejaz expressed his commitment to serving the country and previously outlined plans to support industry stakeholders in boosting exports and establishing business parks in major cities to stimulate economic growth. 

  • Govt considers substantial gas tariff hike as energy concerns loom 

    Govt considers substantial gas tariff hike as energy concerns loom 

    Caretaker Minister for Energy, Muhammad Ali, addressed concerns about gas prices during a visit to the Lahore Chamber of Commerce and Industry (LCCI), accompanied by Caretaker Federal Minister for Commerce, Industries, and Production, Gohar Ejaz.

    He revealed that impending announcements would detail changes in gas prices, acknowledging that gas prices have consistently been a matter of concern. According to Dawn, the Oil and Gas Regulatory Authority (OGRA) had proposed a 45–50 per cent gas tariff increase earlier in the year to meet revenue requirements for gas utilities. However, the government has not yet made a formal decision. 

    Ali emphasised regional disparities in gas prices, with the North having higher prices than the South. He also discussed the challenges of inadequate long-term LNG contracts and efforts to combat electricity theft. He noted that while steps were being taken to reduce energy price disparities, an overnight reduction was impossible due to the country’s commitment to the IMF programme. 

    Commerce Minister Ejaz highlighted efforts to address issues related to Afghan Transit Trade (ATT) and its impact on the dollar rate. He pointed out that industry inputs, raw materials, and energy prices were vulnerable to international market fluctuations, affecting exports due to currency devaluation. However, recent measures have stabilised the exchange rate. 

    Read more: IMF urges Pakistan to increase taxation on the rich and ‘protect the poor’

    Ejaz also stressed that currency devaluation had hindered export growth and highlighted how disparities in gas supply and prices hampered development efforts nationwide. He called for unity and collaboration, emphasising that traders were vital assets for the country’s strength and prosperity. 

    Notably, the caretaker government had recently raised petrol and high-speed diesel prices, leading to widespread criticism and sporadic protests due to the significant price surge amid high inflation. 

  • Govt aims to ‘reduce power theft of Rs589 billion at the earliest’

    Govt aims to ‘reduce power theft of Rs589 billion at the earliest’

    The caretaker government unveiled a set of measures to tackle power theft nationwide, aiming to reduce the growing circular debt issue in the power sector, which is causing electricity prices to soar. 

    This announcement comes amid widespread protests against high electricity bills, hindered by strict conditions from the International Monetary Fund.

    During a press conference, Caretaker Energy Minister Mohammad Ali, alongside Interim Information Minister Murtaza Solangi, outlined their plan. 

    According to Geo News, Ali said that the government is working on a new law, the electricity theft act, to create enforcement mechanisms and special courts for those involved in theft. This law will be introduced within the next two to three weeks.

    “We are aiming to stop or reduce power theft of Rs589 billion at the earliest,” the minister said.

    In line with Caretaker Prime Minister Anwaar ul Haq Kakar’s instructions, the Energy Minister announced a crackdown on power theft, emphasising that consumers shouldn’t pay for theft, and lower electricity prices depend on solving this issue. Ali assured that authorities would act based on available data.

    Additionally, the minister revealed a list of power distribution company officers involved in power theft and measures to take action against them. This list was sent to the Election Commission of Pakistan for possible removal.

    In another meeting, Caretaker PM Kakar stressed the urgency of dealing with power theft, urging regular progress reports. He emphasised zero leniency toward power thieves and defaulters.

    During the meeting, detailed briefings covered the energy sector’s challenges, including total installed capacity, actual generation, and overall energy supply across different seasons.