ECC approves hike in prices of essential items

The prices of essential commodities are set to increase, placing more burden on the common man already under pressure, as the Economic Coordination Committee (ECC) of the cabinet approved an increase in the rates of sugar, wheat flour, and ghee at the Utility Stores Corporation (USC) of Pakistan.

Minister for Finance and Revenue Shaukat Tarin chaired Friday the committee meeting, which also okayed the import of 200,000 tons of sugar, a subsidy on DAP fertilizer for cotton and rice crops, and procurement of 200,000 cotton bales by the Trading Corporation of Pakistan (TCP).

The committee approved the revision in prices of three essential commodities: atta (20kg bag) to Rs950, ghee per kilogram to Rs260, and sugar per kilogram to Rs85, respectively owing to an increasing gap between the subsidized prices offered by the USC and the prevailing market prices.

The committee approved revision in prices of three essential commodities to rationalize provision of subsidies by the USC.