Federal Minister calls reports of sugar price hike ‘baseless’

Islamabad: Federal Minister for National Food Security Rana Tanveer Hussain has termed the news of sugar being sold at Rs180 per kg as baseless.

While addressing an important talk on sugar prices, the Federal Minister said that the purpose of the rumors spread in the media is to create uncertainty among the public and all these statements have taken the form of propaganda.

He stated that there has been no increase in sugar prices in the country. The government has acted on sugar prices, due to which sugar has become cheaper by Rs5 per kg. The government is reviewing this issue in collaboration with the provinces and assures that there will be no unusual increase in sugar prices.

Rana Tanveer added that the price of sugar in the market is Rs164 per kg and the Prime Minister has formed a committee headed by Ishaq Dar to determine the price of sugar.

The Federal Minister further said that the problem in the price of sugar is due to hoarders and profiteers, and strict action will be taken against those who hoard. There is ample sugar in the country, no one will be allowed to increase the price.

He also stated that the media campaign being run regarding the shortage of sugar is not only baseless but also aimed at creating panic in the market. The news presented about the export of sugar is completely contradictory to the facts and there is no accuracy in it.

Rana Tanveer said that last year the sugar stock was 7.6 million tons while the country's requirements were limited to 6.3 million tons, which is proof of the health of the market. The remaining surplus stock is divided into about 1.5 million tons, of which more than half has been exported.

He continued to say that this year the area under sugarcane increased by 2 percent, but due to weather changes and other factors, there was a slight decrease in production. It is clear from the presence of buffer stocks across the country that there has been no reduction in the supply of sugar.

The Federal Minister said that some vested interests are creating unnecessary turmoil in the market by misrepresenting the sugar crisis. The clear instructions of the Prime Minister are being fully implemented, which has eliminated the possibility of any shortage in sugar stocks.