Islamabad, Pakistan: Suspecting cartelization, the Competition Commission of Pakistan (CCP) has issued show-cause notices to Pakistan Sugar Mills Association (PSMA) and its 84 member mills.
The CCP has issued notices under section 4 of the Competition Act 2010. The enquiry conducted by CCP revealed that the sugar sector is being manipulated by stock positions and the millers are lobbying to get export permission. The PSMA and its members had hiked the prices of the sugar in the domestic market to gain Rs 70 billion extra profit by exporting it.
According to the media report, CCI took action based on the recommendation of an enquiry into the anti-competitive activities in the sugar sector. CCP has found that the PSMA is leading the cartelization in the sugar industry.
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