ISLAMABAD: Sugar price is expected to skyrocket to about Rs 90 per kg in coming weeks as stocks with sugar mills are inadequate, said a market player on Wednesday.
Currently sugar price in Pakistan is higher than in India, Sri Lanka and Bangladesh but lower than Afghanistan.
A ministerial committee headed by the Minister for Industries and Production, Mir Hazar Khan Bijarani which met last week did not reach any agreement on a plan to deal with the rising sugar prices.
The main objective of the meeting as per the mandate given to the committee by the ECC was to ascertain the latest stocks position for the current and the next season, determine the feasibility of raw sugar import in consultation with the sugar mills and lastly to suggest measures to involve the private sector in sugar import.
The key decision taken by the meeting was to keep the TCP away from sugar business from next year.
Those TCP officials who remained involved in pocketing money except the Chairman are disappointed with this decision that is backed by the Deputy Chairman Planning Commission.
When contacted Chairman PSMA, Iskandar Khan confirmed that sugar stocks information received from the Ministry of Industries and Production reveals that the situation is not satisfactory.
According to TCP, of 5,75,000 MT contracted sugar 3, 49,188 MT has reached the country. Further, 81,000 MT will arrive August and 74,000 MT would arrive in September while 30,000 MT would reach our shores in October and November.
The sources said Planning Commission is of the view that events of the last many days had changed the ground realities and demanded a reassessment of the government’s priorities. He said that the market should be allowed to work freely and be trusted to meet the shortage.
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