https://arab.news/cpfx7
- Food prices in Pakistan often surge during Ramadan due to hoarding, speculative pricing
- Shehbaz Sharif says his administration is committed to providing maximum relief to public
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday instructed authorities to take stern action against profiteers exploiting Ramadan price hikes, as officials reported 785 people had been arrested in the federal capital since the beginning of the holy month for price manipulation.
Food prices in Pakistan often surge during Ramadan due to increased demand and supply chain inefficiencies. However, a major factor is hoarding and speculative pricing by traders, who artificially inflate market rates to maximize profits.
Last month, Finance Minister Muhammad Aurangzeb warned the government would not spare hoarders, whose actions contribute to annual spikes in the cost of essential commodities during the holy month.
“We are committed to providing maximum relief to the public during Ramadan,” Sharif said during the meeting according to a statement released by his office. “Ensure that no profiteer escapes punishment and no innocent person is wrongfully targeted.”
Sharif, while chairing a meeting on Ramadan price controls, praised Islamabad’s administration for its efforts to regulate food prices and directed authorities to intensify monitoring to ensure that relief measures remain effective.
He also instructed federal ministers and public representatives to personally visit Ramadan markets, utility stores and other designated locations to oversee the availability of subsidized essential goods.
Officials briefed the prime minister on measures taken to curb inflation during Ramadan, saying price magistrates were using an online application to monitor and enforce price control regulations.
The also informed the authorities had conducted 4,915 inspections in Islamabad, leading to 785 arrests and fines totaling Rs728,000 ($2,595) against profiteers since the beginning of the holy month.