Local prices have noticeably increased as a result of the new approval to export 150,000 tonnes of sugar; the retail price of sugar has increased from Rs145.15 to Rs147.71 per kilogramme.
The Ministry of Industry and Production has acted quickly in response to this price spike, which amounts to an increase of Rs2.56 per kilogram.
After noticing the surge in price of Rs. 2.56 per kg, the Ministry of Industry and Production contacted the Pakistan Sugar Mills Association (PSMA) to inquire about the reason for the unexpected rise in sugar pricing. The ministry is thinking of suspending the export quota that the sugar mills are allocated in reaction to the increasing costs.
A meeting has been planned with the committee in charge of sugar monitoring to discuss the problem.The purpose of tomorrow’s meeting is to assess the current state of affairs and devise a plan to rein in price increases.
The Pakistan Sugar Mills Association has come under fire for not paying farmers’ arrears in addition to price-related issues. To make matters more complicated, the association has also asked for permission to export an extra 8.5 million tonnes of sugar.
On July 20, the Utility Stores Corporation (USC) played down worries about a possible national sugar shortage, blaming the brief sales stoppage on the recent implementation of an additional sugar tax in the country’s new budget.
