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Due to these findings, the FFF urged the government to undertake a detailed study of the cost components of imported rice plus the additional costs and trading margins to determine the 'reasonable' retail price.
Based on calculations under the Automatic Pricing Mechanism (APM), the retail prices of RON95 and diesel products for the period should have been RM2.20 and RM2.23 per litre.
The customs department also directed that retail prices should also be printed on each individual item in the manner as specified clause (a) of sub-section (2) of the section 3 of the Sales Tax Act 1990.
Therefore, the government should allow the importers to declare estimated retail price in goods declaration but printing of retail price on the products and the payment of sales tax should be allowed at the time of delivering the goods to the retailers to clear the backlog of the consignments of finished articles at ports.
It further said: 'Fifteen per cent over and above the existing maximum retail prices determined under the Drug Pricing Policy, 2018 for drugs other than those specified in Clause (a).'
'In exercise of the powers conferred by clause (a) of section 7 of the Drug Regulatory Authority of Pakistan Act, 2012 (XXI of 2012) read with section 12 of the Drugs Act.1976 (XXX of 1976), the Drug Regulatory Authority of Pakistan with the approval of the Federal Government is please to fix maximum retail prices of drugs subject to the conditions specifies below,' states a notification issued by DRAP.
It said that the maximum retail prices of drugs may be increased under paragraph 12 (8) of Drug Pricing Policy, 2018, namely:
Retail prices of petroleum products were last adjusted upward on May 16.
Retail prices of rice continued to increase despite the slight reduction in wholesale prices in the last three weeks of September, thus leading to the further acceleration of the inflation rate.
They can then check which companies got increases in retail prices for products to trace the culprit companies.
Wholesale prices of building materials in the National Capital Region (NCR) continued to rise while retail prices remained steady last month, the Philippine Statistics Authority (PSA) reported yesterday.

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