Sugar prices could go up as Punjab raises sugarcane rate

LAHORE: Sugar prices in the country are expected to go up as the Punjab food department raised the rate for sugarcane on November 18, ARY News reported. 

According to details, the Punjab government’s food department raised the sugarcane price by Rs300/40kg. In a session of the food department on Friday, the government advised beginning the sugar-crushing season before November 25.

Sugar prices in the country are expected to rise after the sugarcane price hike. Sugar price could go from Rs112 to Rs115, food department sources told. The price would be allowed to be raised before December 1, they added.

Earlier on October 4, the Utility Stores Corporation (USC) issued a tender to purchase 50,000 metric tonnes of sugar to ensure the availability of the commodity.

According to sources, the Utility Stores Corporation (USC) took measures to ensure the availability of sugar under the prime minister’s relief package. In this regard, USC has issued a tender to purchase 50,000 metric tonnes of the commodity.

Sources told ARY News that the corporation has received bids at Rs75 per kg, adding that the sugar will cost USC around Rs80 per kg with all the expenses.

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Meanwhile, officials said that sugar will be sold at Rs70 per kg under the prime minister’s relief package as the federal government will provide a subsidy of Rs10 per kg. Under the Prime Minister’s package, the price of sugar at utility stores is fixed at Rs70 per kg.