Tag: Sugar

Govt had promised to reduce sugar prices, says Sattar

ISLAMABAD: The federal government had assured the Muttahida Qaumi Movement (MQM) that sugar prices would be brought back to their previous position within three days, Overseas Pakistanis Minister Dr Farooq Sattar said on Thursday.
He made these remarks in a press conference. "After our opposition to the Revised General Sales Tax (RGST) and Flood Surcharge bills in the federal cabinet's meeting, two cabinet members, Naveed Qamar and Hafeez Shaikh, held a meeting with us and

India likely to lift ban on sugar export

NEW DELHI: India may soon permit unrestricted exports of sugar, in a move that could push New York futures from 30 year highs by eliminating uncertainty over the exportable surplus of the world's second largest producer of the sweetener.
World markets are waiting for exports from India to fulfill rising demand from countries such as Pakistan, Indonesia and Russia, particularly when output from Brazil promises to be lower due to concerns over the weather. On Wednesday, the

Punjab acquiring 100,000 tonnes of sugar to resolve crisis

LAHORE: In a bid to rein in the price of sugar in the province, the Punjab government has decided to acquire 100,000 tonnes of imported sugar from the Trading Corporation of Pakistan (TCP).
In this regard, Punjab Food Secretary Irfan Elahi has left for Karachi to purchase the requisite sugar stock. Talking to reporters at the airport, Elahi said the provincial government had decided to control skyrocketing price of sugar and he was going to Karachi to make immediate arrangements

Official figures cast doubt over PSMA claims – Sugar surpasses Rs100...

LAHORE: The price of white refined sugar has now reached the psychological barrier of Rs 100 per kilogram in wholesale markets on Saturday. The latest pricelists shows that the sweetener is now selling at Rs 5,050 per 50-kilogram bag in the largest wholesale market of the province, Akbari Market.
Pricelists show that the price of white sugar has been sharply raised by Rs 11 per kilogram in the last five days as the sweetener was selling at Rs 90-92 per kilogram on November 2,

Delay in crushing, sugar sale by TCP escalating prices

KARACHI: Delay in start of the sugarcane crushing season and hold up by the Trading Corporation of Pakistan (TCP) to sell sugar stocks have led to the unprecedented rise in the commodity's retail price across the country.
Sugar mills in Sindh were supposed to start crushing season in October, while those in Punjab were to begin it in November. The TCP also did not off-load the 400,000 tonnes of sugar in time, providing an opportunity to market forces to exploit consumers and

Sugar price touches Rs 101 per kg

LAHORE: The price of sugar touched the highest-ever level of Rs 101 per kilogramme, with a 50 kg sugar bag being sold for Rs 5,050 in the province's largest wholesale market, Akbari Market, on Saturday.
Price lists showed that the price of white sugar had registered a sharp increase of Rs 11 per kg in the last five days. Data showed that due to the absence of price control, sugar prices increased by Rs 26 per kg since October 1, more than 35 percent in a single month.

ECC tells TCP to sell imported sugar as it lands

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Thursday directed the Trading Corporation of Pakistan (TCP) to expedite sugar imports, sell the imported stocks at the port and immediately exhaust all other stocks to deflate the artificial price hike across the country.
The ECC met with Finance Minister Dr Abdul Hafeez Shaikh in the chair.
Talking to reporters after the meeting, Additional Finance Secretary Rana Asad Amin said that the Trading

PM takes notice of sugar crisis

ISLAMABAD: Prime Minister Yousaf Raza Gilani on Tuesday castigated the ministries of Industries and Commerce for failing to timely implement the October 26 decision of the ministerial committee on sugar.
The industries and commerce secretaries were called by the prime minister to be asked why had sugar prices been increasing and what was delaying the implementation of the decision of ministerial committee on sugar that had directed the TCP to off load 50,000 tonnes of sugar.

Sugar prices touch Rs 90 per kg

LAHORE: The price of white refined sugar has touched its highest point ever and is currently being sold for Rs 90-92 per kilogram in local retail markets. Sugar dealers blame mill owners are responsible for the sugar price hike, while Pakistan Sugar Mills Association (PSMA) claims that sugar price is escalating mainly due to poor government policies.
Sugar price data indicates that the price of sweetener has increased by Rs 9.5 per kilogram since October 1st; an increase of

NA body for setting up small sugar mills

ISLAMABAD: The National Assembly Standing Committee on Industries and Production on Tuesday stressed setting up of small sugar mills to curb cartelization in the sugar sector. Ghous Bux Mahar presided the meeting. The committee was informed about the performance of the Heavy Mechanical Complex (HMC) and the Engineering Development Board (EDB).
HMC Chief Executive Ashraf Butt informed the committee that HMC had manufactured numerous sugar plants, cement factories, boilers,

Federal government decrees removal of sugar mill

Karachi: The federal government, it is alleged, in a surprising move, is directing the Sindh government to pursue the relocation of a functioning sugar mill from Benazirabad (Nawabshah) to the nearby Sanghar district, citing the environment hazard the mill posed.
Interestingly, a senior bureaucrat, a member of the Board of Revenue who also holds the additional charge of Chief Secretary Sindh, Ghulam Ali Shah Pasha has summoned a meeting of the management of the above-mentioned

ICT sets up 18 sugar sale points

Islamabad Capital Territory (ICT) has set up 18 sugar sale points in the urban and rural areas of the city, selling it at Rs 62 per kg.
According to a press release, Islamabad Deputy Commissioner Amer Ali Ahmed visited a sale point at Farooqia Market in F-6 and reviewed the arrangements made by the administration for the smooth provision of sugar to the consumers.
The Deputy Commissioner said that he had assigned special duties to the Assistant Commissioners

Standing Committee on Commerce seeks detail on sugar tenders

ISLAMABAD: The National Assembly Standing Committee on Commerce has sought a detailed report on sugar tenders floated and finalized by the Trading Corporation of Pakistan (TCP) in its next meeting on October 14.
According to official sources, TCP had imported 0.5 million tons of sugar till October 4 and has 0.25 million tons of stocks in hand. It has opened a Letter of Credit (LC) for the import of 100,000 tons, while contract is awarded for the import of 120,000 tons.

Punjab govt will seize sugar stock of defaulting mills: Sana

Law minister says 142 FIRs registered against owners and GMs of defaulting mills
Punjab government has decided to seize the stock of sugar mills for defaulting on the payments to sugarcane growers.
Punjab government has decided to attach the defaulting sugar mills stock with the payments to sugarcane growers as guarantee.
On Friday, Sana told the Punjab Assembly that sugar mills have paid around 97 per cent of total outstanding amount to the growers. "Out of

TCP and Customs Lock Horns over Sugar Dispute

A snail paced investigation crawls ahead into how thousands of tons of sugar, unfit for human consumption, was imported by the Trading Corporation of Pakistan (TCP) from India and Thailand. Slow offloading of the cargo from the vessels is likely to cause major congestion at the country's major seaport.
The KPT authorities has ordered the TCP to remove the two disputed sugar ships, presently anchored at berths number 18 and 20 of West Wharf, to avoid possible congestion at

FBR Declares Zero Percent Duty on Imported Sugar

The Federal Board of Revenue (FBR) has issued fresh notification informing zero percent duty on import of raw sugar of cane sugar and beet sugar variants by the private sector, in a statement issued by the Ministry of Industries and Production here on Friday.
In its meeting here, the ECC allowed import of raw sugar by the private sector at zero customs duty with no limitations. This decision means that there is no capping on quantity of import or any linkage to timing of import