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Tuesday June 25, 2024

Mills get 'conditional permission' to export 150,000 MT sugar

Ex-mills sugar price not to be increased under any circumstances, announces federal minister Rana Tanveer

By Ashraf Malkham
June 10, 2024
A labour is pictured carrying a sugar bag with a large number of sugar bags stacked behind him. — AFP/File
A labour is pictured carrying a sugar bag with a large number of sugar bags stacked behind him. — AFP/File

ISLAMABAD: With promises to maintain sufficient local stocks and price stability, sugar mills have been granted "conditional" permission by the federal government to export 150,000 metric tonnes of sugar .

The development came during the Sugar Advisory Board (Sab) meeting chaired by Federal Minister for Industries and Production Rana Tanveer Hussain in Islamabad earlier today.

The meeting was also attended by the federal secretary for industries and production, as well as other stakeholders including Pakistan Sugar Mills Associations (PSMA), Kissan Ittehad and federal and provincial representatives.

The agenda of the meeting was to discuss and review the sugar stock availability, current market prices, sugarcane rates, present global market sugar prices, and industry production cost.

The Board has conditionally allowed exporting 150,000 metric tons of sugar. It was agreed to maintain sufficient local stocks to ensure the smooth supply of the commodity in local markets at a sustainable price.

In this regard, an agreement was reached between the government and the PSMA to ensure smooth supply and stable prices of sugar in the local market.

The federal minister said that ex-mills sugar price would not be increased under any circumstances while all the pending payments to farmers will be cleared on a priority basis by PSMA.

Tanveer added that the SAB will again review the sugar prices and market stability in a fortnight. He said that in future, the export of sugar will depend on price stability and stock availability in the country.