Lahore: The Punjab government has amended laws to discourage hoarding and profiteering of construction materials, news sources reported on December 21. The new amendment has increased the powers of the Price Control Council to monitor and fine hoarders and those who are involved in artificial price hikes of the building materials.
According to sources, a decision was made to amend the law and the jurisdiction of the Price Control Council to curb the runaway prices of bricks, steel bars, and other building materials and discourage hoarding by merchants. According to the amendment, the pricing control council will be led by Punjab Chief Minister (CM) Sardar Usman Buzdar, who would supervise the implementation of fines and the registration of cases. With the adoption of the amendment, anybody selling building materials above government-set pricing faces a PKR 100,000 fine and a three-year prison.
It is worth noting that the government just announced a 17% increase in construction material prices. According to official sources, the decision was made in response to the dollar-rupee parity. The said increase in building materials prices will take effect on January 1, 2022.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
