4.5m-tonne stock: Punjab govt likely to decrease wheat rate to Rs1,200/40kg

LAHORE: With the aim to reduce stocks, the government is likely to decrease wheat price to Rs1,200-1,225 per 40 kg.

According to the official sources, about 4.5 million tonne of wheat is held with Punjab Food Department as the government has failed to achieve wheat export target of 1.2 million tonnes despite four extensions in export period since March 2015. The provincial government could export around 200,000 tonnes, while Sindh exported only 70,000 tonnes wheat.

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The official sources said that the government has also given around $90 per ton subsidy to the exporters in form of transport rebate but export target was not attained. The flour millers are also not interested in getting supply from the food department as the rate of wheat in open market is far below the govt support price of Rs1,350 per 40 kg.

They said the government would only be able to dispose of wheat stock by reducing the price of wheat to Rs1,200.