Govt retracts decision to import 6,00,000 tonnes of sugar

The federal government has decided to retract its decision to import 6,00,000 tons of sugar, claiming it will be more expensive than the domestically produced sugar, ARY News reported. 

According or Ministry of Trade sources, the government has decided to not import sugar from otehr countries and fulfil requirements from locally produced sugar. The decision has been made to lessen the trade deficit of the country.

Trade ministry sources said that imoported sugar would coast around Rs110 per kg while locally produced sugar costs Rs90 per kg. The cournty has suplus reserves of sugar, the soruces say.

There are sufficinet resrves of sugar, oil and flour in the country, the trade ministry said. The import bill for food items has gone up to Rs29 billion.

Earlier on April 15, the federal government has announced to ban the export of sugar, saying the ban would drop sugar prices and provide relief to the people, ARY News reported.

Also Read:India likely to impose ceiling on sugar exports to keep lid on prices

According to details, the decision was made in the session chaired by Prime Minister Shahbaz Shareef. The government claims that the export ban would lessen the prices and provide relief to the people.