Wheat prices to return to normal in coming days, says minister

Federal Minister Rana Tanveer Hussain has said that wheat prices will return to normal in the coming days, attributing the recent increase to artificial price hikes and the interference of certain elements in the market.

He said that the government has fixed the wheat price at Rs4,500 per maund in consultation with all provinces. He added the federal government has formulated a comprehensive national wheat policy for the first time in 40 years, with the wheat price determined through consultation and consensus among all provincial governments.

The price has been set at Rs4,500 per maund to protect farmers' interests.

Rana Tanveer Hussain said that strategic wheat reserves of up to six million metric tonnes would be maintained this year and there would be no wheat shortage in the country.

He said Pakistan has sufficient wheat stocks and there was no need for the public to worry. The government would prioritise purchasing wheat from local farmers rather than importing it, he added.

He said more than 1.3 million metric tonnes of wheat had already been supplied to the provinces from PASSCO stocks. Arrangements could also be made to import up to 550,000 metric tonnes of wheat, depending on the provinces' demand, he added.