Govt to Import 100,000 Metric Tons of Sugar to Stabilize Domestic Market Prices

The Federal government has decided to import 100,000 metric tons of sugar. Sources told ProPakistani that the Economic Coordination Committee is likely to approve importing 100,000 metric tons of sugar in tomorrow’s meeting as the Ministry of Industries and Production, on the instructions of the Prime Minister secretariat, has prepared a summary in this regard. Sources said that Pakistan had imported 0.130 million metric tons of sugar last year. ALSO READ Rupee Posts Losses Again After One Day of Improvement Pakistan has ample sugar till November 15, 2021, but the government wants to acquire more sugar to stabilize the prices, which are increasing day by day. It is pertinent to note that an increase of Rs. 15 to 20 in sugar prices was witnessed during the last six months, as it was recorded Rs. 90 in January, which rose to Rs. 110 in mid-July. It is worth mentioning here that the government has fixed Rs. 88 per kg as the maximum retail price of sugar, as the mills in their sales tax returns, declared Rs. 70.42 per kg as the average ex-mill sales rate, Rs. 1 per kg distribution cost, Rs. 4 per kg transport/packing and retailer margin, and 17 percent sales tax per kg in their sales tax returns. ALSO READ Pakistan’s Wemsol Pvt. Seeks $5 Million from International Finance Corporation On the other hand, Pakistan Sugar Mills Association has never agreed to the price fixation, as one senior official told this scribe that the average ex-mill price comes to Rs. 101 per kg. “We have to clear sugarcane farmers dues coupled with interest payments on working capital to commercial banks,” he told. Sources also said the ECC would approve a 5-year strategic trade policy framework, which was deferred in the previous meeting.