On Saturday, the Ministry of National Food Security said that 200,000 metric tonnes of sugar would be imported in order to stabilize local prices and help consumers.
The ministry’s spokesperson said that this action was done to guarantee sugar’s availability on the marketplace and avoid phony price increases.
The government imports the sugar, the spokeswoman continued, and the procurement procedure has moved into its last stage after the tenders were opened.
It is anticipated that the first cargo of imported sugar will arrive in early September.
The choice to import sugar, it was further stated, was made in order to guarantee market availability of the commodities and to keep domestic prices balanced without putting a strain on the public coffers.
According to officials, the choice to import sugar was taken after negotiating a favorable price in the foreign market, which would assist in keeping domestic prices balanced without putting a strain on the national coffers.
The administration anticipates that the flood of imported sugar would help stabilize the local market and slow inflationary trends that are impacting a vital household item.
The sugar situation in Pakistan has gotten worse, according to The News, as stores in Lahore and Islamabad reported acute shortages, and prices in Karachi, Peshawar, and Quetta skyrocketed to as much as Rs190 per kilogramme, exceeding official price limitations.
Earlier this week, Federal Minister for National Food Security and Research Rana Tanveer Hussain warned of “strict oversight” of mill stockpiles during a high-level meeting with provincial stakeholders and the Pakistan Sugar Mills Association (PSMA) amid the worsening crisis.
Prime Minister Shehbaz Sharif had also issued a warning two days prior, citing the situation, that anyone who violated the agreed-upon sugar pricing would be subject to severe consequences, emphasizing that no one would be permitted to financially take advantage of the population.
The agreement made between the government and the PSMA was strictly enforced by the prime minister’s directions.
The agreement states that the retail price of sugar cannot be more than Rs173 per kilogramme, while the ex-mill price is set at Rs165 per kilogramme.
The federal government reaffirmed its determination to pursue those who engage in hoarding and market manipulation.
According to the report, the government had seized 1.9 million tons of sugar from private mills and put 18 sugar barons on the Exit Control List (ECL) in yet another drastic attempt to control skyrocketing sugar prices and stop hoarding.
The Punjab and Khyber Pakhtunkhwa chapters of the PSMA, however, denied that the government had seized any stocks.
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