The Competition Commission of Pakistan (CCP) has revealed that inaccurate data led to a sugar export policy that caused significant financial pressure on the public.
During a meeting chaired by Federal Finance Minister, the CCP chairman disclosed that between June and October 2024, Pakistan exported 750,000 metric tons of sugar based on incorrect figures submitted by the Pakistan Sugar Mills Association (PSMA). The figures regarding sugarcane production, stock availability, and sugar output were incorrect, leading to a domestic shortage, according to the media reports.
While the exports earned $403 million (Rs 112 billion), the resulting shortfall in the local market triggered a crisis estimated to have imposed a Rs 300 billion burden on consumers.
Minister announced that the sugar sector will be fully deregulated, enhancing the role of the CCP. He also directed that other institutions ensure the provision of relevant data to assist in investigations.
Meanwhile, the Ministry of Industries and Production has warned of a potential spike in sugar prices ahead of the upcoming crushing season. During a session of the National Assembly’s Standing Committee on Commerce, ministry officials cautioned that an artificial shortage could be engineered before November 15 to drive prices up.
They informed the committee that the existing stockpile of 1.7 million tons is sufficient to meet national demand until mid-November, eliminating any need for sugar imports before November 2025. However, they raised concerns that market players, particularly wholesalers, might manipulate supply for profit.
