“Export Permissions Trigger Significant Rise in Sugar Costs”
Pakistan(Staff Reporter): Sugar Costs Skyrocket on Export Permission Reports. The recent approval to export 150,000 tonnes of sugar has caused a significant rise in local prices, with the retail cost of sugar increasing from Rs145.15 to Rs147.71 per kilogramme.
This price surge of Rs2.56 per kilogram has prompted swift action from the Ministry of Industry and Production. The ministry has taken note of the price hike and has requested an explanation from the Pakistan Sugar Mills Association (PSMA) regarding the sudden increase. In response to the escalating costs, the ministry is considering suspending the export quota granted to the sugar mills.
To address the issue, a meeting has been scheduled for tomorrow with the committee overseeing sugar exports and the Sugar Advisory Board. This meeting aims to assess the situation and develop a strategy to control the price increase.
Additionally, the Pakistan Sugar Mills Association has faced criticism for not settling arrears owed to farmers. The association has also requested permission to export an additional 8.5 million tonnes of sugar, adding to the complexity of the situation.
Govt Approves 150,000 Metric Tons sugar export to Regulate Market
On July 20, the Utility Stores Corporation (USC) addressed concerns about a possible sugar shortage, attributing the temporary sales halt to the recent introduction of an additional tax on sugar in the new budget.
A USC spokesperson refuted rumours of a sugar shortage or an impending crisis, stating that the corporation has an ample supply of sugar. The spokesperson explained that the suspension of sales was due to the Rs15 per kilogramme increase in excise duty introduced in the new budget.
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