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Tuesday April 16, 2024

Mills oppose duty on molasses

By News Desk
March 01, 2024
The image is a cover photo of the Facebook page of the Pakistan Sugar Mills Association (PSMA). — Facebook/psmapz
The image is a cover photo of the Facebook page of the Pakistan Sugar Mills Association (PSMA). — Facebook/psmapz

LAHORE: The sugar manufacturers on Thursday opposed a proposal to impose a 50 percent regulatory duty on the export of sugarcane molasses, saying it would hurt the industry and the farmers.

The Pakistan Sugar Mills Association (PSMA) Punjab Zone said in a statement that the proposed duty would make molasses exports uncompetitive and reduce the profitability of the sugar sector.

“By imposing a 50 percent regulatory duty, not only will the sugar industry face loss, but in future sugarcane farmers will also not be able to get a proper price for sugarcane,” the PSMA spokesperson said.

“The non-distillery sugar mills also demanded that the 15 percent regulatory duty already imposed be removed to promote exports.” The spokesperson further said that exporting sugarcane molasses was more beneficial and would bring more foreign exchange to the country.