KARACHI: A ship carrying 51,000 tonnes of imported wheat has arrived at Karachi Port, raising hopes of a decline in wheat and flour prices in the coming days.
The vessel is anchored at berths 16 and 17 of Karachi Port. Another ship carrying 59,132 tonnes of wheat is expected to arrive on November 3.
More than 110,000 tonnes of wheat are being imported through the two vessels. Bulk wheat handling is underway at Karachi Port through KGTML, with more than 110,000 tonnes to be handled at the port.
Federal Minister Rana Tanveer Hussain has said wheat prices are expected to return to normal within the next few days. He attributed the recent increase in prices to artificial factors and the intervention of certain elements in the market.
According to the federal minister, the government has fixed the wheat price at Rs4,500 per maund in consultation with all provinces. He said the federal government had formulated a comprehensive national wheat policy after 40 years, with the price determined through consultation and consensus among provincial governments.
Rana Tanveer Hussain said the price was fixed at Rs4,500 per maund to protect farmers’ interests.
He said strategic wheat reserves of up to six million metric tonnes would be maintained this year and ruled out a wheat shortage in the country. He added that Pakistan had sufficient wheat stocks and there was no need for the public to worry.
The minister said the government would prioritise purchasing wheat from local farmers instead of relying on imports.
He also said more than 1.3 million metric tonnes of wheat had been supplied to the provinces from PASSCO stocks. Arrangements could be made to import up to 550,000 metric tonnes of wheat, depending on provincial demand.
