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Islamabad Chamber of Commerce and Industry for improving supply system to control prices in Ramazan

Islamabad, July 11, 2013 (PPI-OT): Instead of providing billions of rupees subsidy to Utility Stores, government should focus on improving supply system in the country to avoid shortage of essential commodities that will help in controlling inflation and maintaining prices at reasonable level during the Holy month of Ramadan, said Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry in a statement.

He said federal government’s Ramadan package of Rs.2-billion and Punjab Government’s package worth Rs.4-billion are insufficient for a population of 180 million people as almost 65 percent population of the country is out of reach from just 6,012 sales outlets of Utility Stores Corporation.

Zafar Bakhtawari said whenever price of certain items goes up; media blames traders for price hike, which is not correct. He said prices are linked to demand supply phenomenon as when demand of a certain item increases as compared to its supply, its price automatically goes up and traders have no role in manipulating prices in a competitive business environment.

He called upon the media to properly educate the consumers about maintaining prices at affordable level by rationalizing their purchasing behavior. He said consumers have the option to reduce the use of a certain item in case of its price hike that will cause its price to come down. He was of the view that changing shopping trend from monthly to daily especially in Ramadan to avoid bulk purchasing can also help in controlling prices.

ICCI President said controlling prices through administrative measures like Monitoring Committees is not a permanent solution; rather it creates harassment in business community. He urged that government should encourage healthy competition in markets, improve supply system and let the market forces to maintain market equilibrium, which is the best practice throughout the world to keep prices at proper level.

For more information, contact:
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

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