Increase in sugar price: Minister seeks report from cane commissioner

ISLAMABAD: Federal Minister for Industries and Production Rana Tanveer Hussain has sought report from the provincial cane commissioner about increase in the price of sugar.

The minister presided over a meeting of the Sugar Advisory Board (SAB), on Tuesday, to review the availability of sugar stocks and price trends in the country.

He expressed displeasure on reports of increase in prices of sugar in some areas and sought report from the cane commissioners.

Sources on condition of anonymity said that the sugar industry wanted permission for sugar exports claiming that there was surplus sugar stock of 1.2 million tons sugar as on 15th July 2024.

Sources further stated that the PSMA was seeking permission to export sugar in September on the contention of surplus sugar in the country. But, the minister said that they have already been given permission to export 150,000 tons which they have not yet completed and seeking permission for export of sugar in September 2024 is premature, thus the request was not taken up.

Additionally, the minister said that the issue of export cannot be discussed as long as the matter of sugar prices is not resolved.

However, the minister agreed to the sugar industry’s request of increasing export period from existing 45 days to 60 days because the Federal Board of Revenue (FBR) was taking 15 days to unblock HS code for sugar export and sugar export has actually started from 16th July 2024.

He directed the chief secretaries to take all possible measures to ensure stable retail prices of sugar across the country.

The minister said that ex-mills prices of sugar have remained stable in recent months and directed the provinces to strictly monitor retail sugar prices, as maintaining sugar prices is the primary responsibility of the government. He warned that any increase will not be tolerated under any circumstances.

Copyright Business Recorder, 2024