Pakistan, Oct. 8 -- The Punjab wheat deregulation policy, once hailed as a step toward a free market, has turned into a major policy failure. Introduced just before the harvest season, the reform ended the government's decades-long role in wheat procurement and support pricing. However, the move quickly exposed serious gaps - there was no plan for imports or exports, no system to control hoarding, and no protection for farmers or consumers.

At first, the private sector welcomed the new policy. Flour mills, traders, and a multinational company purchased over one million tonnes of wheat, preventing an initial price collapse. But as floods hit southern Punjab, supply chains broke down and wheat prices soared from Rs2,300 to Rs4,000 per maun...