The worthlessness of national price monitoring.

Byline: Aamir Shafaat Khan

BY the time National Price MonitoAring Committee (NPMC) takes notice of the price hike of any essential items, all the stakeholders have already enjoyed charging higher prices. In many cases, they further raise prices after the NPMC meeting in the absence of any writ of federal, provincial and city governments.

The same situation exists whenever Prime Minister Imran Khan warns of any action over profiteering.

If a new committee is set up to probe or control a price hike then it clearly indicates that the government is mainly fulfilling its official duty rather than taking price issues seriously. Lethargy in taking any action at the start of a price hike gives a free hand to the market mafias, profiteers and hoarders to take the prices to its climax.

The federal and provincial governments take months to wake up over the rising prices. The money involved in commodity trading changes hands multiple times among stakeholders by the time the government decides to curb prices and deal strictly with traders, wholesalers, hoarders, middlemen etc.

Now the consumers have realised that price monitoring meetings, probes and investigation are just an eyewash and will never ever bring down prices. Even probes do not create any fear among the market traders and manufacturers.

Meetings are only held to review situations rather than finding the root cause of the price hike. After issuing instructions to the provincial authorities to take action, the case is closed till the next meeting

Companies and market players waste no time in raising diesel prices but delay in transferring the price cut benefit to consumers. The price of diesel has dropped by Rs47 per litre from Rs147.26 on February 1, 2020, to Rs80.15 per litre now. Traders and manufacturers of goods avoid discussing relief to consumers on low transportation cost. Prime Minister Imran Khan has asked authorities to ensure price relief on transportation but so far this instruction has remained on record of media alone.

A number of traders said how prices can fall on low transportation costs even though the dollar continues its upward trajectory against the rupee, making imported finished goods and raw materials costlier. Rising dollar value also takes away any duty relief on imported items and raw materials imports.

Consumers have yet to see any price cut in sugar and flour despite ongoing probes in these two cash crops. Consumers continue to pay Rs85 per kg for sweetener which...