ISLAMABAD: The private sector received the initial shipment of wheat imported from Russia, which arrived at the Karachi port, as reported.
According to sources, the private sector in Pakistan is ready to import wheat from Russia at a cost of $279 per metric ton. This move comes as a response to the wheat shortage and the flour crisis that the country faced earlier.
In March, a Russian ship carrying 50,000 tonnes of wheat arrived at Gwadar Port, marking the beginning of wheat imports from Russia. The urgent need to address the scarcity made the government to decide and import wheat.It aimed to stabilize wheat prices in the country.
Speculators expect the anticipated arrival of Russian wheat to have a positive impact on the ex-mill price of sugar in Pakistan. Speculators anticipate a likely decrease in the price of sugar to around Rs 92 per kg, which would bring some relief to consumers burdened by soaring food costs.
Earlier this month, Pakistan witnessed an all-time high in the price of wheat flour. The rates of 10- and 20-kilogramme flour bags rose by Rs 50 and 20, respectively, further exacerbating the economic challenges faced by the public.
With the import of Russian wheat, the government aims to stabilize food prices and ensure a steady supply of essential commodities in the market.
The decision to engage the private sector in wheat importation is seen as a step towards creating a more robust and responsive food supply chain in the country.
The government and relevant stakeholders are closely monitoring the situation and also implementing measures to mitigate the effects of inflation on the cost of living for citizens.
