ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet has decided to continue the ban on export of sugar after prices reached record-high across the country to bring stability to the local market.
Caretaker Finance Minister Dr Shamshad Akhtar chaired a meeting of the committee when the ban was approved after reviewing the ongoing situation in the country.
The summary seeking a ban on the export of sugar was sent by the Ministry of National Food Security regarding the cancellation of the export quota of sugar and a ban on exporting the commodity.
The ministry briefed the meeting about the production, stock position of sugar, consumption and rising prices of sugar in the market, and its impact on overall food inflation.
The ECC reviewed its previous decision regarding the export quota of sugar and after detailed discussion decided the ban on sugar export was already in place since August 10.
The ECC further directed the Ministry of National Food Security and Research to prepare and submit regular reports on the availability of sugar stocks, consumption, and pricing in order to monitor the availability and pricing of the important commodity.
The ECC also directed the Ministry of NFSR to coordinate with all the relevant agencies and authorities to check the smuggling and hoarding of sugar. The ECC also asked the ministry to provide the latest stock, availability and prices of wheat immediately.
The development comes as Pakistan saw a massive increase in sugar prices. Karachi registered Rs6 per kilogram in price as the wholesale rate has surged to Rs163/kg.
Wholesalers said the ex-mill price has also increased by Rs5.50 per kg and reached Rs160.5 per kg. They complained that the price of sugar continued to increase in the market with every passing hour.
The price of sugar per kg has increased by Rs21 per kg in the month of August so far. The wholesalers said they are also receiving sugar at a higher rate. The retail price of sugar has reached between Rs160 to Rs170 per kg.
In Quetta, the sugar price went up by Rs10 per kg while the commodity is being sold for Rs160/kg in Lahore.
