Govt sets sugar retail price at Rs88.24

Asks relevant authorities to take action against people engaged in profiteering, hoarding

ISLAMABAD:

The federal government has set the retail price of sugar at Rs88.24 per kg and the factory price at Rs70 per kg, while also instructing the relevant authorities to take action against mills, dealers, distributors and retailers selling the commodity at higher prices.

Earlier the retail price of sugar – as set by the government – was Rs68 per kg despite the fact that sugar is actually being sold in different areas of the country at around Rs104 per kg.

A day earlier, the government had increased the price of sugar at the Utility Stores Corporation (USC) – a chain of stores providing basic commodities at subsidized rates – from Rs68 per kg to Rs85 per kg.

The Controller General Prices (CGP), a department of the Ministry of Industries and Production, on Saturday issued a notification, stating that exercising its powers under Section 6 of the Price Control Prevention of Profiteering and Hoarding Act, 1977 it had set the retail price of sugar at Rs88.24 per kg.

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The CGP also instructed the provincial government as well as the administration of the Islamabad Capital Territory (ICT) to take action against the mills, dealers, distributors and retailers engaged in hoarding the commodity and selling it at a price higher than the approved prices.

It also asked the authorities to submit weekly reports on their crackdowns. The notification has come into immediate effect and will remain effective till November 15, 2021.

Despite the claimed sugarcane bumper crop, the Economic Coordination Committee (ECC) of the Cabinet on Friday approved to import 200,000 metric tons more sugar, taking the total quantity to 300,000 metric tons within three weeks.

“The ECC also approved the revision in prices of three essential commodities namely atta (20 kg bag) to Rs950, ghee (per kg) to Rs260 and sugar (per kg) to Rs85, owing to an increasing gap between the subsidized prices offered by the USC and the prevailing market prices,” said the finance ministry.