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Business & Finance

Utility Stores Corporation stop purchasing sugar from local sugar mills

  • Due to the crushing of sugarcane in Sindh, the ex-mill price of sugar has come down from Rs 99 to Rs 82 per kg in a month after the arrival of new sugar.
27 Nov 2020

The Utility Stores Corporation (USC) has stopped buying sugar from local sugar mills, as imported sugar that is cheaper by Rs 15 per kg than local sugar is available in abundance.

As per details, the decision was taken due to the availability of cheaper imported sugar whereas the stores were being offered sugar at high rates from local sugar mills. According to utility store sources, imported sugar cost Rs 82 per kg as compared to local sugar at Rs 97 per kg.

Due to the crushing of sugarcane in Sindh, the ex-mill price of sugar has come down from Rs 99 to Rs 82 per kg in a month after the arrival of new sugar.

Days ago, speaking at a news conference Minister for Economic Affairs Division, Hammad Azhar said that after an increase in sugar price a few months ago, the government had taken some measures, and as a first step a legislation was undertaken to increase the amount of fine to Rs5 million per day for delay in crushing with a view to ensuring timely crushing of sugarcane.

As a result, almost all the sugar mills in Punjab started crushing from November 10-15, he said, adding that timely crushing of sugarcane was achieved after a very long time.

Another step the government had taken was to import sugar and 125,000 tons imported sugar was sold at a controlled rate at 5,000 outlets in Punjab at Rs83 per kg, while it was made available at the Utility Stores Corporation (USC) points at Rs68 per kg.

The minister further maintained that after the imported sugar reached the market, a decline of Rs10 to Rs12 per kg in ex-mill rate was reported in the last 10 days.