The imported sugar is expected to arrive in Karachi by the end of September, as prices of the commodity show fluctuations in the domestic market. This update was shared during a high-level committee meeting chaired by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar on Thursday.
The meeting focused on reviewing the sugar availability situation in the country. The committee also discussed the progress of sugar imports and market prices, which were in line with the notified rates agreed upon by the provinces. Despite a decline in prices, market rates were found to remain slightly higher than the official levels.Â
Dar reiterated the government’s commitment to ensuring price stability, adequate supply of essential goods, and the protection of consumer interests.
Earlier, Federal Minister for National Food Security Rana Tanveer Hussain also dismissed reports of a sugar crisis, claiming that Pakistan has sufficient stocks and stable prices despite soaring rates and scarcity in major urban centres.
On the other hand, the federal government has taken control of all sugar stocks in the country, assuming oversight of the supply chain from private mills. According to officials from the Ministry of Food Security, this move was made to combat the rising sugar prices and prevent an artificial shortage.
As part of this intervention, the government has stationed Federal Board of Revenue (FBR) officials at sugar mill warehouses across the country.Â
Additionally, 18 sugar mill owners and associated individuals have been placed on the Exit Control List (ECL), with their names set to be made public soon. Officials stated that 1.9 million metric tons of sugar are now under direct government supervision.
Pakistan received international bids on Thursday for 100,000 tons of sugar, with the lowest bid for purchasing 100,000 metric tons of white refined sugar reported at $539 per metric ton, including cost and freight (C&F), according to European traders.
The offer, submitted by trading house ED&F Man, covered 50,000 tons of fine grain sugar sourced from any origin. No purchase has yet been confirmed, as the offers from the Trading Corporation of Pakistan (TCP) are still under consideration.
Other notable offers included $567.40 per ton C&F for 25,000 tons of fine grain sugar by Dreyfus, and $599.00 per ton C&F for 30,000 tons of medium grain sugar from Al Khaleej Sugar.
Pakistan’s government had earlier approved the import of 500,000 tons of sugar to stabilise retail prices, following a sharp increase. The new tender seeks shipment between August 21 and September 15, with the aim for sugar deliveries to reach Pakistan by September 30.
