Strategy devised to stabilise sugar market

Duties, taxes on import exempted to make sweetener affordable

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ISLAMABAD:

The government has decided to take immediate measures to avoid any potential shortage of sugar or unnecessary price hikes and ensure timely relief to consumers while maintaining market balance.

A crucial meeting of the steering committee on sugar import was held on Wednesday, headed by Federal Minister for National Food Security and Research Rana Tanveer Hussain. The committee thoroughly reviewed the availability, quality, import mechanism and price control for sugar.

It was agreed that the import of sugar would be carried out through the Trading Corporation of Pakistan (TCP) to ensure transparency, quality control and efficient government oversight. To facilitate this process, the government has exempted sugar import from all duties and taxes so that the sweetener could be made available to consumers at affordable prices and inflationary pressures could be eased.

Initially, sugar will be imported in two phases. In the first phase, a tender for 200,000 metric tons will be issued, followed by another tender for 150,000 metric tons after one week. These quantities have been determined in line with the immediate market requirement and the anticipated demand in the coming weeks.

The imported sugar will be of premium quality, meeting standard market expectations, specifically the coarse grain variety commonly used by consumers. Additionally, post-shipment inspection will be strictly enforced to ensure that quality standards are upheld.

Speaking on the occasion, Federal Minister Rana Tanveer Hussain stated that the government was committed to combating inflation and ensuring the availability of essential commodities at reasonable prices.