Karachi/Lahore/Islamabad:
The sugar industry may have cut an agreement with the government to sell the sweetener to the wholesalers to RS165 per year. Kg. However, the impact of this agreement has not yet reached people who are still forced to buy the item at prices ranging from RS180 to RS210 per year. Kg.
Sugar, mostly extracted in Pakistan from sugar cane, has seen a steady increase in prices in the last 7 months – from RS140 per day. Kg to RS200 per Kg. According to Wholesale Grocers Association President Rauf Ibrahim had stopped supplying sugar on Friday, causing a further increase in prices.
The Ministry of National Food Security and Research and Sugar Mills reached an appointment on Monday and set the Ex-Mill award on sugar to RS165 per year. Kg.
“The mills resumed the delivery of sugar on Tuesday, but they do not deliver the products at the agreed price and have set the ex-Mill price to RS175 per kg.”
He said under the RS165 ex-Mill formula that the wholesale price should be RS168 and the retail price between RS172 and RS175. However, sugar is not available in the wholesale market, even on RS185. The Retailing Association Association Chairman Fared Qureshi said the retail price for sugar in Karachi was RS200 per year. Kg Tuesday.
In Lahore, Sugar is sold at the shops’ estimates rather than at state rates. The official retail price of sugar is RS180 per Kg, but it is sold for between RS185 and RS210.
Lahore Deputy Commissioner Syed Musa Raza has directed assistant commissioners and price control magistrates to intervene against those who sell sugar to inflated rates. However, such actions have proved ineffective.
Meanwhile, a high -level meeting was held on sugar prices under the presidency of the federal minister of national food security Rana Tanveer Hussain. The meeting attended the chairman and senior members of the Pakistan Sugar Mills Association (PSMA) as well as senior officials in the ministry, according to a statement.
Important decisions were made to stabilize sugar prices and provide immediate relief to the public. The association agreed to supply sugar at an ex-Mill price of RS165 per year. Kg. The association appreciated the government’s efforts and ensured full cooperation on stabilizing prices.
Officials stated that the impact of price reduction would be seen in the market within the next two to three days.
In the apartment, Hussain said the government is taking all sorts of steps to give relief to the people. He made it clear that enforcement of the fixed retail price would be secured and that storage or profits would under no circumstances be tolerated.
“A comprehensive strategy is prepared to ensure uninterrupted supply of sugar and that the ministry remains in constant contact with the sugar industry to protect public interest in all costs,” the minister said.
Interestingly, Trading Corporation of Pakistan (TCP) has issued a revised tender that only 50,000 tonnes of sugar will only be imported. Bid has been invited until July 22 under this revised bid. Previously, a bid of 300,000 tonnes was issued with a bidder on July 18.
