The Ministry of National Food Security and Research has asked provincial governments for the fixation of sugar prices.
The ministry on Friday also asked the provincial governments for enforcement as per law and directed strict action against hoarders and price manipulators who are creating panic in the market for their own vested interests.
The statement issued by the ministry, quoting Secretary National Food Security and Research Captain (Retd) Muhammad Mahmood, clarified that the government has no plans to import sugar. It added that a letter of the Trading Corporation of Pakistan in this regard is being misquoted.
The ministry had informed the Economic Coordination Committee (ECC) that it fixed Rs. 98.82 kg price of sugar in April 2023 under the provisions of sections 3 and 4 of the Price Control and Prevention of Profiteering and Hoarding Act 1977 but the same is suspended by the Lahore High Court (LHC) and status quo is maintained in pursuance of court order.
According to the ministry, the government is vigilant regarding the stocks and availability of sugar in the country. The current price hike of sugar in the market is artificially caused due to smuggling, hoarding, and market manipulation for profiteering.
Presently, adequate stocks of sugar are available in the country. At the start of the crushing season, there was a carry forward stock of 0.99 MMT from the last crushing season of 2021-2022, during the current crushing season 6.74 MMT of sugar is produced in the country.
The estimated monthly national consumption is 0.60 MMT per month. There are verified balance stocks of sugar of 1.815 MMT with the sugar mills (excluding the stocks in trade), which are sufficient till the start of the next crushing season in November 2023 against the total requirement of 1.800 MMT till the end of November 2023.
All provinces also confirmed the availability of sugar stocks in today’s National Price Monitoring Committee Meeting.
Source: ProPakistani