ISLAMABAD: The Finance Ministry has taken numerous measures to reduce the prices of consumer commodities in view of reduction in the oil prices.
“National Price Monitoring Committee chaired by the Federal Finance Minister also monitors the prices and supply position of essential commodities in consultation with provincial governments and concerned Federal Ministries Divisions and organization on monthly basis” a well placed source at Finance Ministry told this scribe here on Thursday.
On the proposal of Finance Ministry, the Prime Minister Nawaz Sharif has written letters to provincial Chief Ministers to extend the benefit of reduction of oil prices to the people by lowering the transportation fares and the prices of essential commodities. Economic Coordination Committee (ECC) of the Cabinet also reviewed inflationary trend/ prices and supply of essential commodities in its meetings on regular basis.
In result of these measures, the headline inflation measured by consumer price index (CPI) is on downward trajectory. CPI came down to 3.9% in January 2015 as compared to 7.9% in the same month last year. The other inflationary indicators like food inflation declined to 3.0%t and non-food 4.5% as compared to 7.2% and 8.4 % in the same month last year. The Sensitive Price Indicator (SPI) which monitored the prices of 53 essential commodities has witnessed declining trend consecutively for the last six weeks
Pakistan Railways had reduced the normal freight by 5% across the board and also reduced the fares by 5% for the trains including Bolan Mail, Bahauddin Zakaria Express, Fareed Express and Sukkur Express and 3 percent fares of Allam Iqbal Express, Awam Express, Karachi Express, Millat Express, Akbar Bugti Express and Jaffer Express.
Pakistan International Airlines (PIA) also reduced fares for various destinations including Umrah fares reduced by Rs.7, 900. Ten percent discount has been offered in economy class fares from New Yark. 25% discount has been offered on business class from New York. 20% discount has been offered in market for Torronto. Up to 50% percent discount on business class fares from Pakistan to Europe, United Kingdom and North Americas.
All four provincial and Azad Jammu Kashmir AJK & Gilgit-Baltistan governments are also taking appropriate measures to monitor the prices and ensuring smooth supply of commodities so that the benefits of the reduction in oil prices be passed on to the common man.
