Ramazan's arrival triggers price hikes
Despite the government claiming to tackle the issue, the situation remains dire, with essential commodities in the market becoming increasingly unaffordable. One of the key reasons behind this unbridled price hike is the failure of the Price Review Committee to take action, leading to skyrocketing prices for bare necessities.
Currently, in Peshawar, meat prices range from Rs1,200 to Rs1,400 per kilogram, while chicken is being sold at an all-time high of Rs506 per kilogram. Similarly, milk prices have also been affected by food inflation, with prices per liter ranging from Rs230 to Rs240, marking a significant increase from the prices observed during the previous years.
Shakil Khan, a local from Peshawar, shared his two cents on the severe inflation spell during Ramazan, which in his opinion, had become an annual trend over the past few years.
"Hoarders and profiteers take advantage of this holy month, raking in billions at the cost of the public.
Furthermore, district administration officials are either preoccupied with social media platforms like TikTok or conduct superficial visits to a few shops, showcasing these actions on Facebook without addressing the core issue," lamented Khan.
"In the past, the administration used to organize 'Sasta Bazaars' (cheap markets) during Ramazan where people could buy essential items at reasonable prices, but this year there is no such initiative. The prices are skyrocketing, and there is no relief in sight," he added.
Nasim Bibi, a mother of four children revealed that she was a housewife while her husband was a rickshaw driver. Nasim's household was barely making ends meet due to artificial inflation, whereby the shopkeepers in her area were not adhering to the official price lists and each vendor was charging whatever they deemed fit.
"The rising costs of essential items have made it nearly impossible to manage the home and take care of my children. There is no sense of accountability. While the government continues to make claims about providing relief, we have yet to see any tangible benefits. The provincial government and district administration need to review their performance and ensure that the public receives some real relief," she urged.
For many households like that of Nasim, managing household expenditures has become increasingly difficult thanks to profiteers looting locals during the blessed season.
Khalid Farooq, a government employee, also expressed his concerns over the recent wave of inflation.
"Both private and government workers are suffering since a large portion of their salaries is either consumed by utility bills or school fees for their children. The district administration must do more to improve their performance and ease the financial burden on the public," Farooq emphasized.
On the other hand, Deputy Commissioner of Peshawar, Sarmad Saleem, defended the district administration's efforts, stating that they have been regularly visiting markets and taking action against those found violating the official price lists.
"Hundreds of shopkeepers have already been fined for overcharging. We urge the public to cooperate with the administration and report any incidents of
price hikes or violations. We will take appropriate action," he affirmed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
17 hours ago
- Express Tribune
Forex reserves close FY25 at $14.51b
The central bank said in its latest weekly update on Thursday that the country's foreign exchange reserves, held by the SBP, decreased $66 million to $8.15 billion in the week ended January 5, 2024 due to debt repayments. photo: file Listen to article Pakistan's foreign exchange reserves held by the State Bank of Pakistan (SBP) stood at $14.51 billion by the end of FY25, marking an increase of $5.12 billion from $9.39 billion a year earlier, according to provisional data released by the central bank on Wednesday. The reserves amounted to $9.39 billion on June 30, 2024, indicating a year-on-year rise of 54.5%. "This reflects a noticeable improvement in the country's current account balance and realisation of planned inflows during the year," the SBP noted. In a volatile fiscal year, the central bank reserves had fluctuated sharply due to debt repayments and scheduled inflows. For instance, by April 25, 2025, the SBP's reserves had inched up $9 million week-on-week to $10.21 billion. As of June 20, 2025, the total liquid foreign reserves of the country were reported at $14.40 billion. Of this, the SBP held $9.06 billion while net reserves of commercial banks stood at $5.33 billion. The sharp fall in SBP's reserves during the week ended June 20 – a decline of $2.66 billion – was attributed to external debt repayments, particularly commercial borrowings by the government. However, these outflows were offset in the following week by substantial inflows. According to the SBP, the central bank received $3.1 billion in government commercial loans and over $500 million from multilateral institutions during the last week of June. Meanwhile, gold prices in Pakistan edged lower on Wednesday, despite international bullion rates holding steady as investors awaited crucial US economic data. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola fell Rs600, settling at Rs356,200. Similarly, the price of 10-gram gold dropped Rs514 to Rs305,384. This comes a day after gold prices surged Rs6,600 per tola on Tuesday, driven by bullish momentum in global markets. Interactive Commodities Director Adnan Agar noted that gold was trading within a tight band on Wednesday. "Gold is range bound between $3,351 and $3,327, currently at $3,340. The upcoming US employment data is critical – if it supports gold, prices may move towards $3,400; if not, we could see a dip to $3,300, possibly even lower," he said. Agar added that trading volumes may also be influenced by upcoming US bank holidays on Thursday and Friday, which would lead to early market closures and potentially limited liquidity. In the inter-bank currency market, the Pakistani rupee depreciated 19 paisa against the US dollar, closing at 283.95, compared to 283.76 on June 30, 2025. This marks a 0.07% weakening of the local currency, according to data released by the State Bank of Pakistan (SBP). The SBP on Wednesday injected Rs1.163 trillion through Open Market Operations (OMOs), including both conventional and Shariah-compliant instruments, to support short-term market liquidity. Under the conventional OMO, the SBP injected Rs805.15 billion and through Shariah-compliant Mudarabah-based OMO, it poured Rs358 billion.
Business Recorder
2 days ago
- Business Recorder
No subsidy or tax relief on imports: ECC sticks to sugar deregulation
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has reaffirmed its stance on deregulating sugar prices, reiterating that no subsidy or tax exemptions will be available for sugar imports in FY 2025-26. The Finance Ministry communicated this clearly on financial position and commitments with the International Monetary Fund (IMF). On June 27, 2025, the Ministry of National Food Security and Research (MNFS&R) sought emergency approval from the ECC Chairman and Finance Minister Senator Muhammad Aurangzeb to present a summary due to urgent market concerns. Approval was granted. De-regulating the sugar industry: do not drop the ball again The MNFS&R briefed the ECC that a meeting of the Prime Minister's Committee, formed on March 16, 2025 under the Deputy Prime Minister, was held on June 19. The committee noted that sugar prices remain high, and current stock levels are inadequate to stabilize the market. The committee concluded that demand-pull inflation in the sugar market could only be mitigated by increasing supply. Despite multiple appeals, the sugar industry has refused to reduce ex-mill prices to the agreed range of Rs.154–159/kg. As a result, the committee recommended importing up to 500,000 metric tons (0.500 MMT) of white sugar. A subsequent Sugar Advisory Board (SAB) meeting on June 23 reviewed stock levels, reported at 2.575 MMT, and evaluated consumption trends. The average monthly consumption, net of exports since the start of the crushing season (November 21, 2024), is 0.541 MMT — a level that may only just meet domestic demand through the next season, leaving no surplus stock for FY 2025-26. Consultations with sugar dealers and federal and provincial agencies reveal tight supply and rising demand, enabling hoarding and profiteering. Projections suggest sugar prices could climb to Rs.190/kg ex-mill and Rs.200/kg at retail by November 2025. To curb the ongoing price surge, the MNFS&R proposed importing white sugar and requested the federal government provide duty and tax relief on imports until September 30, 2025. A Steering Committee was proposed to manage import logistics, price setting, and distribution, including Federal Minister for MNFSR (Chairman), Federal Minister for Commerce, Special Assistant to the Prime Minister (Foreign Affairs), Secretaries of Finance, Commerce, MNFSR, and Industries, the FBR Chairman, Chief Secretaries of all provinces and Chairman of the Trading Corporation of Pakistan (TCP). The committee will determine the import quantity and procurement methods, including government-to-government (G2G) deals, private importers, or via the TCP. The TCP has provided cost estimates both inclusive and exclusive of duties/taxes for an import volume of 100,000 MT (+/- 5%). Following the presentation, MNFSR formally requested the ECC's approval for importing up to 0.500 MMT of white sugar through this mechanism. However, the Finance Division emphasized that no subsidy is allocated for sugar imports in the FY 2025-26 budget and IMF conditions prevent any waiver of duties or taxes. The ECC reiterated its earlier directive to deregulate sugar prices, noting that any import proposal must include detailed financial implications for ECC approval. After a thorough discussion, the ECC approved the formation of the Steering Committee, which will submit detailed recommendations and financial evaluations for final decision-making. Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Express Tribune
Gas utility says not at fault for dug up roads
An inter-ministerial meeting decided that SSGC should hand over required PSM land to the new LNG terminal developers. PHOTO: rEUTERS The Sui Southern Gas Company (SSGC) has disbursed Rs11.9 billion to the Karachi Metropolitan Corporation (KMC) and various Town Municipal Corporations (TMCs) for road-cutting and rehabilitation during a period from July 2024 to June 2025. The gas utility was under fire from political and civic circles for digging up roads for laying pipelines, however, SSGC sources said that the company had made timely disbursment of the mandatory road cutting charges. It was the reposnsiblity of the matropolitan and town corportations to utilise these funds in a justified manner, they said. According to the data, released by the SSGC, the gas utility made the highest payments of Rs3.55 billion to TMC North Karachi and TMC North Nazimabad. TMC Model Colony received the second-highest payment of Rs2.10 billion. Other payments included Rs1 billion to TMC Lyari, Rs7.3 million to TMC Jinnah, and Rs6.2 million to TMC Malir. The data further revealed that TMC Saddar and Chensar each received Rs260 million, while TMC Landhi was paid Rs210 million. The SSGC paid Rs490 million to the KMC for road-cutting and restoration works. The lowest amount of Rs0.227 million was paid to TMC Gulshan. Despite these massive disbursements totaling over Rs11 billion, the roads across Karachi remain in disrepair. Interestingly, SSGC never issued even a single protest letter to any TMC over their failure to restore the roads, nor did its legal department sign any binding agreement before releasing such a huge amount. Sources further disclosed that SSGC did not obtain any formal assurance from TMCs that the roads would be rebuilt after payments. However, due to the public outrage following the recent downpours, SSGC has now initiated the process of drafting protest letters to KMC and the concerned TMCs, questioning why roadworks have not been completed despite receiving the huge payments. SSGC insiders expressed concern, saying, "If the company aggressively protests or takes legal action, it may face complications in acquiring road-cutting permissions in the future from these municipal bodies."
