Sugar prices hit double century

Punjab’s sugar millers to supply sugar to government at Rs140 per kg

LAHORE:

Amid soaring sugar prices, which have now reached an unprecedented Rs200 per kilogram, Punjab’s sugar millers have informed Punjab Chief Minister Syed Mohsin Naqvi that the province holds surplus sugar stocks. In a collaborative effort, they have agreed to supply sugar to the government at Rs140 per kg, which will then be made available to citizens through model bazaars and special stalls.

After three consecutive days of negotiations, an agreement between the Punjab government and sugar millers was reached on Sunday. Under this arrangement, sugar mills will sell their stocks to the provincial government at a rate of Rs140 per kg, for distribution through special markets, Sunday Bazaars and temporary kiosks across the province.

Addressing the occasion, the Chief Minister underscored the government’s commitment to alleviating the people’s economic burdens. He stated that the provincial government would make sugar available at designated centres, model bazaars and special stalls at Sunday bazaars. Naqvi emphasised the government’s awareness of the hardships faced by the public and assured that reduced sugar prices would directly benefit the province’s citizens.

Representatives of the sugar millers’ delegation conveyed to the Chief Minister that Punjab currently possesses an excess stock of sugar, surpassing local demand. Additionally, they agreed to commence sugarcane crushing from October 28th.

According to recent inflation statistics released by the Pakistan Bureau of Statistics (PBS), there has been an annual of 26.32 percent for the week ending on August 7th. This surge in inflation is primarily attributed to the sharp rise in the retail prices of sugar and petroleum products.

The bureau reported that the highest recorded retail price of sugar, Rs200 per kg, was observed in Quetta and Peshawar, followed by Rs195 in Karachi and Rawalpindi, Rs190 in Islamabad, and Rs180 in Faisalabad, Sialkot, and Multan. The national average maximum price stood at Rs200 per kg.

Published in The Express Tribune, September 11^th, 2023.