Sugar prices drop by up to 8.5%

The Utility Stores Corporation (USC) on Thursday reduced the prices of sugar across the country,

The Utility Stores Corporation has cut the price of sugar by 13 rupees per kilogram, bringing the new price to 140 rupees per kilogram, effective immediately.

Previously, sugar was being sold at 153 rupees per kilogram at the Utility Stores.

The corporation had requested sugar mills to lower the price of sugar, and in response, the sugar mill owners agreed to reduce the price by 17 rupees per kilogram.

After receiving this rebate from the mills, the Utility Stores Corporation passed on the reduction to consumers.

The Utility Stores had purchased 12,000 metric tons of sugar at a price of 137 rupees per kilogram.

However, after adding additional costs, the corporation ended up paying around 152 rupees per kilogram for the sugar.

Earlier, Punjab Chief Minister Maryam Nawaz Sharif has forecasted a significant increase in wheat and rice production in the province.

She highlighted a potential 30% rise in wheat output, along with a boost in rice exports, which are expected to reach $5 billion this year.

The government is also focusing on off-season cultivation of crops like tomatoes and onions, along with providing farmers with subsidized seeds, machinery, and guidance to enhance agricultural productivity.