Sufficient sugar stocks available in country, says Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Tuesday said that this year 5.7 million tonnes sugar produced, and sufficient stocks of the commodity has been available in the country.

In a news conference, finance minister said that for the first sugar being provided to genuine distributors, while Rs 125 million fine has been imposed over six sugar mills.

Aurangzeb said that the remittances estimated to reach this year to 36 billion US dollars.

“All surveys are showing an improvement in the business confidence index” finance minister said.

Information Minister, sitting alongside the finance minister, said that economy is improving in the country, which will benefit general public.

Price Hike

The federal government on Monday decided to import raw sugar (Shakkar) to stabilize sugar prices in the country boosting supplies and providing relief to the consumers.

The raw sugar import would help in bringing down prices in the country, according to a press release issued by the government.

The decision to import raw sugar aims to control sugar prices in the local market and provide sugar to consumers at reasonable rates.

Pakistan’s sugar exports to Afghanistan recorded a whopping increase of 4332% in the first seven months of FY 2024-25.

According to the official figures, from July to January, Pakistan’s sugar exports to Afghanistan reached $262.68 million compared to the $5.93 million during the corresponding period in 2023.

Since December, sugar prices have increased by Rs26 per kg, and last year, profiteers pushed rates up to Rs180 per kg.

According to Wholesale Grocers Association Chairman Rauf Ibrahim, sugar prices in the wholesale market have climbed to Rs150 per kg, while advance deals for March have reached Rs152/kg.

Traders claim that the hoarding mafia is active, and with Ramazan, there is a serious risk of further price hikes.

The federal cabinet’s decision in October 2024 to approve the export of an additional 500,000 metric tons of sugar has played a significant role in this surge.