WEBDESK: In response to the recent surge in sugar prices, Prime Minister Shehbaz Sharif has formed a committee led by Deputy Prime Minister Ishaq Dar to negotiate with the Pakistan Sugar Mills Association (PSMA) to bring down the cost of sugar. The move comes after a 19per cent rise in sugar prices this year, which has seen the per-kilogram price increase to Rs172, a Rs27 hike compared to the same period last year.
Prime Minister (PM) Shehbaz Sharif first authorised sugar exports before the price of sugar escalated by 2,200per cent as exports increased significantly. The rise in sugar prices recommended by the Pakistan Bureau of Statistics (PBS) as Rs27 per kilogram pumps Rs2.8 billion into consumer costs.
A new 10-member committee appointed by the Prime Minister’s Office seeks to work with the PSMA toward sugar price reductions. The committee owns its report to the public body under the leadership of chair Ishaq Dar and expects to finish it in three days.
On Monday the committee addressed sugar millers about the Rs153 average kilogram cost of production while recommending pricing adjustments. The sugar millers needed additional time to obtain input from stakeholders before deciding on new pricing terms.
The government-granted increase in export volumes adds to the rising sugar prices since the pricing decisions were made. The price of sugar in Karachi and Islamabad reached a maximum level of Rs180 per kilogram while the government placed its price limit at Rs145.
Earlier PM Shehbaz Sharif also expressed anger over the artificial shortage of sugar created by hoarders and ordered a strict action against sugar hoarders. The PM directed the chief secretaries of all four provinces to ensure sugar is available at fixed rates in markets across Pakistan. He also asked for a detailed report on the actions taken against hoarders after the crackdown is carried out.
