PM rejects hike in sugar price

Islamabad: Prime Minister Shehbaz Sharif Thursday rejected the increase in the price of sugar in the country, saying that sugar mills should ensure Rs140 ex-factory rate for the whole year.

A special meeting was held under the chairmanship of Prime Minister Shehbaz Sharif in which issues related to the export of sugar were reviewed.

While briefing the Prime Minister in the meeting, it was told that if sugar is not exported, sugar mills will go bankrupt in the next season and 40 sugar mills will be closed.

In the briefing, it was stated that sugar mills paid 760 billion rupees out of 800 billion rupees to sugarcane farmers this season, they still have to pay 40 billion rupees to farmers this season. If sugar is not exported, sugar mills will not be able to crush in November.

The Prime Minister was told that currently there is an excess of 1.5 million tons of sugar in the country, if five million tons of sugar is exported, 26 million dollars will be earned.

Prime Minister Shehbaz Sharif said on this occasion that the Economic Coordination Committee (ECC) will decide on the export of sugar. The ECC should review the stock of sugar and the global market. The increase in the price of sugar in the country will not be accepted under any circumstances, sugar mills must ensure the supply of Rs140 ex-factory price for the whole year.