Islamabad:
Defects in sugar export policy have been exposed, which leads to an increase in sugar prices. The government now plans to import sugar to float in the market and stabilize prices.
The sugar prices in the market have increased from RS159 per kg to RS170 per kg, with experts warning that prices could reach RS200 per kg.
Previously, the government allowed the export of sugar, a decision that caused criticism. Even the president of the Sugar Export Monitoring Committee, Musadik Malik, was eliminated from the committee due to the pressure of the sugar mills.
The government had linked sugar exports with pricing in the local market. However, as prices began to increase after the export of sugar, the president of the committee urged the prime minister to revoke the sugar export quota.
Now, the government feels the heat of the sugar export decision as prices in the local market continue to rise. In response, the prime minister has directed the import of raw sugar to stabilize the market, highlighting further defects in export policy.
A high -level committee formed by Prime Minister Shehbaz Sharif has had the task of conducting a detailed study on the effects and procedures of gross sugar imports, ensuring that any decision is aligned with the public interest and economic viability.
The Committee met on Wednesday in Islamabad to discuss the possible import of raw sugar as part of the efforts to stabilize national white sugar prices.
To the meeting, chaired by the Federal Minister of National Security of Food Rana Tanveer Hussain, the oil minister Ali Parvez Malik, Minister of Industries Haroon Akhtar and other senior officials attended.
During the meeting, the participants analyzed the implications of importing raw sugar, weighing their benefits and potential challenges. Hussain emphasized that regulated imports could help control market volatility and guarantee prices stability for consumers.
“The import of raw sugar could be beneficial to stabilize the price of refined sugar in the country,” said Hussain.
The Committee also examined the models used by other countries for sugar market regulation and discussed the mechanisms to balance import strategies with national production.
Hussain ordered officials to carry out a comprehensive study on the impact and procedures of gross sugar imports, ensuring that any decision prioritizes public interest and economic viability.
Prime Minister Shehbaz Sharif and the Minister of Food Security reaffirmed their commitment to provide maximum relief to consumers, emphasizing that all political measures would be taken by taking into account their well -being.
The Government continues to explore strategies to mitigate inflationary pressures on essential products, with sugar prices a key focus area in the midst of ongoing economic challenges.
