The Deputy Prime Minister (DPM) and the Minister of Foreign Affairs Ishaq Dar reaffirmed on Friday the government’s commitment to actively monitor the offer and regulate sugar prices nationally to ensure market stability and affordability for consumers.
The DPM expressed the resolution during the presidency of a meeting in Islamabad on the sugar situation in force in the country.
During the meeting, he examined compliance with the agreement concluded earlier and expressed his satisfaction with the downward trend in the price of sugar.
DAR ordered Pakistan SUGAR Mills Association to guarantee full compliance with the agreement for the retail prices of sugar or below RS164 per kilogram throughout the country.
Last week, the Government and the Sugar Sector concluded an agreement, capping the ex-moulins prices and the retail prices of the sweetener at RS154-159 and RS164 per kg, respectively, for a month.
However, a kilo of sugar in 274 stores at fair prices will cost RS130 per kg. DAR announced this after having interviews with the PSMA, Radio Pakistan reported.
The annual general meeting (AGM) of the sugar sector took place on Tuesday, in which advice to set the retail prices and the former Délai were granted for a month. “The price of the retail stadium is set at RS164 per kg,” said DAR, adding that the ex-moulin price had been developed in the RS154 to Rs159 band by kg.
Earlier, the government had rejected the PSMA’s request to fix the ex-dumber price to Rs175 per kilogram and clearly indicated that any effort to exploit the market would be treated with an iron fist.
The sugar barons planned to increase the price to Rs200 to Rs220 per kg on the internal market a few weeks ago.
The government, in consultation with relevant quarters, assessed that the cost of production, including the sales tax, was less than RS154 per kg.