Prices witness sharp decline as imported wheat to reach Karachi tomorrow

KARACHI: The wheat prices have witnessed a sharp decline across the country as the first cargo ship carrying the commodity will reach Karachi on Wednesday (tomorrow), ARY NEWS reported on Tuesday.

The federal government decided to import wheat in order to stabilize the prices in the country.

The traders have already confirmed orders of 600,000 metric tonnes of imported wheat and the first consignment carrying 60,000 metric tonnes of the food commodity will reach the business hub of the country on Wednesday.

The importers said that they have booked nine cargo ships to import the commodity as it cost United States Dollar (USD) 240 per ton in the international market. “The imported wheat will be lower in cost and bring stability in the local market,” they said.

The import has already impacted the local market as wheat prices went down by Rs 7 per kilogram in Sindh province, now selling at Rs 46 per kg, and witnessed a decline of Rs6.50 per kg in Punjab province, selling at Rs48.50 per kg.

It is pertinent to mention here that besides importing wheat to bring stability in prices of flour and other commodities, the Prime Minister Imran Khan on July 14 also ordered a massive crackdown on hoarders.

Presiding over a high-level meeting to review the wheat and flour supply situation in the country, PM Imran ordered to launch a crackdown against elements involved in wheat hoarding across the country.

He directed the provincial chief secretaries to continue the policy of zero-tolerance against adulteration and not to make any concessions in this regard.

The prime minister ordered to ensure complete prevention of the commodity’s smuggling. He directed that comprehensive administrative measures should be taken to further improve inter-provincial coordination.