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LAHORE: The Pakistan Sugar Mills Association (Punjab Zone) has once again offered the federal government to buy the surplus one million tonnes of sugar from the mills at the rate of Rs 115 per kilogram in order to steer the industry out of crisis and enabling it to ensure timely payments to the growers.

The PSMA Punjab spokesman said if the government was not willing to allow the industry to export the surplus sugar then it should buy it from the industry. He said the cost of production of sugar contains multifarious factors, including the hike in rates of chemical used in the sugar-making process, increase in the rates of banks’ mark-ups from 18 to 20 percent and the government’s decision of jacking up the sugarcane support price to Rs 300 per 40 kg.

Copyright Business Recorder, 2022

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