By Bashir Khan
ISLAMABAD: Amid rising sugar prices in Ramadan, Prime Minister Shehbaz Sharif has summoned a special meeting to stablise the rates of the commodity across Pakistan, media reported on Wednesday, citing sources.
According to details, Pakistan authorities are preparing for a major crackdown on tax evasion in the sugar sector to ensure price stability.
Action against counterfeit track-and-trace systems in the sugar industry is on the cards. Authorities will also crack down on reusing tracking codes on sugar bags.
According to sources, despite sufficient sugar stocks availability in the country, enough to last until October, the prices are skyrocketing.
The sources further say, by February, 56 million tonnes of sugarcane had been brought for crushing, from which sugar mills produced 5.3 million tonnes of sugar.Pakistan’s previous stock levels of sugar stood at 950,000 tonnes, while mills currently hold between 4 to 4.5 million tonnes in reserves.
Meanwhile, the federal government has decided to import raw sugar (Shakkar) to stabilize sugar prices in the country and provide relief to the consumers.
The import of raw sugar (Shakkar) would help in bringing down prices of sugar in the country, according to a press release issued by the government here.
The import of raw sugar would also help increase future sugar production as it could be refined and converted into sugar locally.
The decision to import raw sugar aims to control sugar prices in the local market and provide sugar to consumers at reasonable rates.
Earlier, The federal government on Monday decided to import raw sugar (Shakkar) to stabilize sugar prices in the country and provide relief to the consumers. The import of raw sugar (Shakkar) would help in bringing down prices of sugar in the country, according to a press release issued by the government here.
The import of raw sugar would also help increase future sugar production as it could be refined and converted into sugar locally.
The decision to import raw sugar aims to control sugar prices in the local market and provide sugar to consumers at reasonable rates.
Earlier, Pakistan’s sugar exports to Afghanistan recorded a whopping increase of 4332% in the first seven months of FY 2024-25.
According to the official figures, from July to January, Pakistan’s sugar exports to Afghanistan reached $262.68 million compared with $5.93 million during the corresponding period in 2023.
Pakistani sugar exports to Afghanistan increased by $256.76 million Year-Over-Year (YOY). This massive increase has made sugar the largest contributor to Pakistan’s exports to Afghanistan.
Since December, sugar prices have increased by Rs26 per kg, and last year, profiteers pushed rates up to Rs180 per kg. According to Wholesale Grocers Association Chairman Rauf Ibrahim, sugar prices in the wholesale market have climbed to Rs150 per kg, while advance deals for March have reached Rs152/kg.
Traders claim that the hoarding mafia is active, and with Ramazan approaching, there is a serious risk of further price hikes. Pakistan’s monthly sugar consumption stands at 550,000 tons, but during Ramazan, it jumps to 1 million tons.
