Pakistan may impose ban on sugar export

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Sugar prices in Pakistan are skyrocketing; therefore, the government is exploring for ways to reduce it. A meeting was convened to discuss the sugar price hike in the country, where the government has warned the sugar industry that if the commodity’s price continues to increase in the domestic market, then options of putting a ban on exports may be explored. The meeting was chaired by Prime Minister’s Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood.

In the last two months, the country witnessed a sudden hike in sugar prices as in Ramazan it was available at Rs 54 per kg for the residents. The Price Monitoring Committee, in its recent meeting, expressed serious concern at the hike in sugar price.

In a bid to bring the sugar prices down in the open market, the government had previously instructed to divisional commissioners to execute the same. According to the reports, sugar prices are up to Rs 76 per kg in the wholesale market. After receiving the directives from the government to reduce the sugar price in Pakistan, the district administration in Rawalpindi had fixed the price of sugar at Rs 74 per kg in the wholesale market and was also mulling to conduct the raids at the market to make sure that directives get implemented.

The Pakistan government in June introduced a tax of Rs 3.30 per kg of sugar. Following there were reports that it is being sold at exorbitant rates in the market, and also, after the complaints of sugar hoarding, the government had launched a crackdown on hoarders of sugar and seized thousands of sugar bags.

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