Efforts to Offload Wheat Stock Hit Snag

Efforts to offload wheat stock hit snag

After the bidders submitted 34% less than the minimum price set for selling 500,000 tons of old wheat, the government on Tuesday further reduced the price to clear the stocks that will cost the taxpayers Rs24 billion. Compared to Rs6,425 per 40kg price of the imported wheat, the Economic Coordination Committee (ECC) of the cabinet set the new price at mere Rs3,800 to off load the commodity in the market. The new price for the imported wheat is 4…

ECC revises sale price for Passco wheat stock

Approves Rs4,150 per 40kg reserve price for 500,000 tonnes.

ECC approves sale of 0.5 MMT wheat

The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved the sale of 500,000 metric tons of wheat held by PASSCO through competitive bidding on a First-In-First-Out (FIFO) basis at revised reserve prices of PKR 4,150 per 40 kg for local wheat and PKR 3,800 per 40 kg for imported wheat. The meeting of the cabinet committee was chaired by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, according to pre…

ECC approves sale of 5 lakh tons of wheat, sets new prices

The Economic Coordination Committee (ECC), chaired by Federal Finance Minister Muhammad Aurangzeb, has approved the sale of 500,000 metric tons of wheat from PASCO stocks. The ECC issued an official statement following its meeting. According to the statement, the wheat will be sold through a competitive bidding process. The ECC also set the new reserve price for local wheat at Rs 4,150 per maund, while the reserve price for imported wheat has be…

ECC approves sale of 500,000 tonnes of wheat at revised reserve prices

The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved the sale of 500,000 metric tonnes of wheat held by the Pakistan Agricultural Storage and Services Corporation (PASSCO) through competitive bidding at revised reserve prices. The meeting, chaired by Finance Minister Senator Muhammad Aurangzeb at the Finance Division, reviewed a proposal moved by the Ministry of National Food Security and Research regarding disposal of su…