In a surprise, Pakistan to import expensive wheat from Russia

In a surprise, Pakistan to import expensive wheat from Russia

Pakistan is likely to import wheat from Russia to meet domestic demand in the country. The 300,000 tonnes of wheat to be purchased from Russia will incur an additional cost of Rs. 600 million.

According to sources from the Trading Corporation of Pakistan (TCP), the charges from port to station will be levied on imported wheat. The cost of wheat will be Rs. 892 per 10 kg, which is Rs. 20 higher than wheat in the domestic market, at Rs. 872, as per the Pakistan Bureau of Statistics (PBS).

Sources said the government has not yet been able to start importing wheat from Russia.

According to sources from the Ministry of National Food Security and Research (NFSR), wheat could be imported from Russia by January 15, 2023.

Earlier, the Economic Coordination Committee (ECC) of the cabinet approved the summary for the procurement of wheat from Russia on a G2G basis.

The summary contained the offer of M/s. Prodintorg, a state-owned enterprise of the Russian Federation, for the supply of 300,000 MT of specified milling wheat at a rate of $372 per MT for the shipment period from November 1st, 2022, to January 15th, 2023. The committee, after deliberation, approved the summary.