Pakistan : Federal cabinet approves import of 500,000 tonnes of sugar to stabilise prices
ISLAMABAD: To control rising sugar prices, the federal cabinet has approved the import of 500,000 tonnes of sugar. The Ministry of National Food Security said the sugar will be imported through government channels to stabilize supply and prices. This move comes as Karachi’s retail sugar prices soar to Rs200 per kg, up sharply since mid-May.
ISLAMABAD: The federal cabinet has approved the import of 500,000 tonnes of sugar in a bid to stabilise rising prices in the local market and prevent a potential shortage.
The Ministry of National Food Security said that the sugar would be imported through government channels, and all necessary arrangements have been finalised to begin immediate implementation.
In a statement, the ministry explained that the import decision was taken to maintain price stability and ensure adequate supply. Officials noted that this import mechanism is part of a new and improved strategy, different from past practices where artificial shortages were often created and heavily reliant on subsidies.
The ministry further clarified that sugar exports were allowed at a time when domestic stocks were sufficient. However, due to the current upward trend in prices, the government has been compelled to shift policy and initiate imports.
Soaring sugar prices in Karachi
Meanwhile, the sugar prices in Karachi continue to rise sharply.
In the wholesale market, the price has reached Rs179 per kilogram, marking an increase of Rs3 since Ashura. Since May 15, wholesale rates have surged by Rs13 per kg.
The retail prices are even higher, with sugar selling between Rs190 and Rs200 per kg.
On May 15, sugar was priced at Rs170 per kg in the retail market which reflected a hike of Rs20 to Rs30 per kg in less than two months.
The government hoped that the timely import of sugar would curb the price surge and prevent further pressure on consumers ahead of upcoming festivals and the peak consumption season.
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Source : Pak Observer
