Monday, October 25, 2021

The monopoly in the sugar industry will cost $110 million

The government has opted to buy 0.2 million tonnes of sugar to establish strategic reserves to stabilise prices, which will cost the country $110 million due to the sugar barons’ monopoly.

According to The Express Tribune, the government plans to offload the imported sugar at a time when sugar millers are attempting to raise prices by creating a scarcity.

Following the election of the Pakistan Tehreek-e-Insaf (PTI) government, sugar prices have risen significantly in the country.

Prime Minister Imran Khan had promised to take action, and an inquiry commission on sugar had been established to investigate people involved in sugar hoarding and manufactured shortages in order to raise prices.

The administration has opted to import sugar in light of the current scenario. However, it will set you back $110 million in foreign exchange. The entire amount necessary will be Rs18 billion, which includes the expense of sugar storage to maintain the country’s stockpiles.

The Cabinet Division was unable to study the summary because the deadline of seven days previous to the meeting, as stated in Rule 18(6) read with Rule 23(4) of the Rules of Business, 1973, was not met due to the urgency.

In light of the provisions of the aforementioned regulation, the ECC chairman granted the request to table the summary.

In light of the provisions of the aforementioned regulation, the ECC chairman granted the request to table the summary.

The ECC had been advised by the Ministry of Industries and Production that sugar import was an urgent problem. It had presented a set of ideas to the ECC for approval.

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