Islamabad:
The deficiencies in the sugar export policy have been exposed, leading to an increase in sugar prices. The government is now planning to import sugar to float on the market and stabilize prices.
The sugar prices on the market have risen from RS159 per year. Kg to RS170 per Kg, with experts who warn that prices could reach RS200 per year. Kg.
Previously, the government allowed the export of sugar, a decision that triggered criticism. Even the chairman of the Sugar Export Monitoring Committee, Musadik Malik, was removed from the committee due to pressure from Sugar Millers.
The government had linked sugar exports to price stabilization in the local market. As prices began to rise after the export of sugar, the committee chairman called on the prime minister to revoke sugar export quota.
Now the government feels the heat in the sugar export decision as prices in the local market continue to climb. In response, the Prime Minister has instructed the import of raw sugar to stabilize the market, which further highlights the shortcomings of export policy.
A high -level committee formed by Prime Minister Shehbaz Sharif has been tasked with conducting a detailed study of the effects and procedures for importing raw sugar, which ensures that any decision is in accordance with general interest and financial feasibility.
The committee called on Wednesday in Islamabad to discuss the potential import of raw sugar as part of the efforts to stabilize the prices of white sugar.
The meeting, led by the Federal Minister of National Food Security Rana Tanveer Hussain, was attended by Petroleum Minister Ali Parvez Malik, Minister of Industries Haroon Akhtar and other high -ranking officials.
During the meeting, the participants analyzed the consequences of importing raw sugar and weighing its potential benefits and challenges. Hussain emphasized that regulated imports could help control market volatility and ensure price stability for consumers.
“The import of raw sugar may prove to be advantageous when stabilizing the price of refined sugar in the country,” Hussain said.
The committee also examined models used by other countries for sugar market regulation and discussed mechanisms to balance import strategies with domestic production.
Hussain ordered officials to conduct a comprehensive investigation into the impact and procedures for importing raw sugar, which ensured that every decision prioritizes general interest and financial feasibility.
Prime Minister Shehbaz Sharif and the Food Safety Minister confirmed their obligation to provide maximum relief to consumers and emphasized that all political measures would be taken with their welfare in mind.
The government continues to explore strategies to mitigate inflation pressure on significant raw materials, where sugar prices are a central focus area in the midst of ongoing financial challenges.