The meeting, while noting substantial increase in sugar rates during July, directed the Trading Corporation of Pakistan (TCP) to gradually release sugar from its stock taking the price back to pre-July 2004 level.
Others present in the meeting included Minister for Commerce, Humayun Akhtar, Secretaries of Finance, Industries and Agriculture, the Chairman of the Trading Corporation of Pakistan (TCP) and concerned senior officials.
The meeting instructed the secretaries of the concerned ministries to keep a close watch on the prices of food items.
It was informed in the meeting that the rising trend in wheat and wheat flour prices have been arrested and with the import of one million tons of wheat for buffer stock, the supply situation will improve further which will put downward pressures on wheat and flour prices.
The process of wheat import was also reviewed and the Finance Minister asked the TCP chairman to expedite imports to augment supply.
The steps taken by the provinces to stabilise wheat prices were also touched upon. The Finance Minister asked the provinces to take necessary steps to check hoarding and in particular, asked the Province of Sindh to expedite the lifting of wheat from Passco.