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Business Pakistan Trending Now

Sugar Mill Owners’ Greed: Pressure on Government to Export Sugar

Islamabad: Sugar mill owners have refused to benefit the public from an extra 1.5 million tons of sugar, increasing pressure on the government to allow sugar exports.

According to media reports, during a special meeting on sugar, Prime Minister Shahbaz Sharif was warned that if permission for sugar exports is not granted, sugar millers will not be able to pay the remaining Rs. 40 billion dues to farmers, and forty sugar mills will also shut down next season.

Sugar mill owners further warned the Prime Minister that if sugar exports are not allowed, they will not be able to crush sugarcane in November, and after pressurizing the Prime Minister, they agreed to a condition that the price of one kilogram of sugar for the public would be set at Rs. 140.

According to experts, if the price of sugar per kilogram reaches Rs. 140 ex-mill, sugar will be sold in the market for Rs. 160 to Rs. 170 per kilogram after additional expenses.

The sugar mill owner said that the extra 1.5 million tons of sugar is surplus, and if 500,000 tons of sugar is exported, the country will receive $260 million in foreign exchange. The Prime Minister said that any increase in the price of sugar in the country is unacceptable, and the final decision on sugar exports will be made by the Economic Coordination Committee.

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