TCP to import 100,000 MT of sugar: sources

LAHORE: The Trading Corporation of Pakistan (TCP) has taken the decision to import 100,000 metric tons of sugar, priced at Rs 220 per kilogram, ARY News reported, citing sources.

Sources within the Food Department disclosed that the department currently holds a surplus stock of 1 million tonnes of sugar while importing additional sugar pricing at Rs 220 per kg.

Sources stated that the Food Department will have to utilize its reserves of sugar which depletes the surplus stocks to introduce the imported sugar into the market which impacts the consumer prices.

Sources claimed that the citizens will have to pay an additional Rs 120 to purchase the government subsidized sugar of Rs 100 per kg at Rs 220 per kilogram.

It is pertinent to mention here that, in Karachi, there has been a record surge of Rs 18 per kilogram in sugar prices in a single day which pushed the price of sugar at Rs 180 per kilogram.

The chairman of the Wholesale Grocers Association Rauf Ibrahim said sugar is not available to wholesalers even at high prices. If the surge continues the sugar prices can go beyond Rs 200 per kg.

Earlier to this, the Economic Coordination Committee (ECC) of the federal cabinet decided to impose a ban on sugar exports.

The committee decided to ban sugar exports. Prior to this decision, the ECC approved the summary to export 32,000 metric tonnes of sugar in June.