The ex-mill sugar rate fell by nearly 29% or Pkr 40/Kg and officials in the finance ministry has hope that the sweetener will see further decline in the open market in upcoming days.
The ex-mill sugar rate in Punjab dropped to Pkr103/kg and in Karachi to Pkr105/kg from Pkr145/kg, Spokesperson to Adviser on Finance Muzamil Aslam.
“The retail price of sugar would fall further in the next few days. He said the ex-mill price in Karachi was expected to be further rationalised,” Quoting the Punjab finance secretary, Mr Aslam said.
The spokesperson said sugar price at the outlets of the Utility Stores Corporation (USC) was Pkr85/kg and Pkr90/kg at Sasta Bazaar.
According to the Pakistan Bureau of Statistics, the average minimum retail price of sugar is Pkr111/kg while the maximum price is Pkr140/kg.
Monitoring panel concerned over high prices of wheat flour in Sindh, Balochistan
Finance Secretary Yousuf Khan informed the National Price Monitoring Committee (NPMC) that the sugar prices were falling in Punjab due to proactive measures taken by the government.
Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin presided over the NPMC meeting.
Mr Tarin directed the provinces to meet their stocks by immediately lifting the imported sugar and inject it into the market to bring down its prices. 30,000 tonnes of sugar has already reached Karachi port.
Muzamil Aslam said the provinces had been asked to lift sugar at Rs90 per kg. In case, sugar was not lifted by the provinces, the sweetener would be shifted to the USC for selling at subsidised rates, he said.
He said the adviser had ordered the relevant stakeholders to release 10,000 tonnes of sugar to Khyber Pakhtunkhwa for stabilising the prices in that province.
The finance division said in a statement that the finance adviser commended the efforts of the representatives of the Punjab government and Islamabad Capital Territory (ICT) administration, but expressed concern over high prices of wheat flour in Sindh and Balochistan as compared to other provinces.
Mr Tarin advised the chief secretaries of Sindh and Balochistan to increase the daily releases of wheat to improve supply in the markets. He reiterated the government’s firm commitment to ensure smooth supply of wheat flour across the country at official rates.
The finance secretary informed the NPMC that the prices of wheat flour remained consistent at Pkr1,100 per 20 kg due to the proactive measures taken by the Punjab government and ICT administration.
He also apprised the meeting that essential commodities registered a decline in prices as compared to the same month of last year.
Mr Tarin said the government had taken several administrative and policy measures to control the prices of essential commodities.
The NPMC observed that Sasta Sahulat Bazaars in Punjab are offering essential goods at subsidised prices.
The finance secretary briefed the meeting about the weekly SPI which went up by 0.67%. He said prices of 3 essential commodities registered decline whereas 20 items remained stable during the last week.