ISLAMABAD, Oct 16 (NNI): The federal cabinet has approved export of another 5 lakh metric tons of sugar, the approval of the Cabinet was obtained through circulation of the summary.
The government has given the approval of the import on several conditions through a circular.
The export of sugar will be immediately canceled if the prices exceed the fixed benchmark while the export is also subject to sugar mill owners promise that they will resume the production from November 21.
Benchmark retail price of sugar for export is fixed at Rs 145.15 per kg.
The sugar mill owners must begin production by November 21. The Sugar Advisory Board will regularly monitor sugar prices to prevent price hikes.
The cenrtre also directed the provincial governments to monitor sugar prices. It also asked the mills owners to ensure that the price of ex-mil sugar does not exceed Rs 140 per kilogram.
The State Bank of Pakistan will inform the Economic Coordination Committee about the status of sugar exports on a 15-day basis. It may be noted here that a total of 750,000 tons of sugar has been allowed to be exported since June 2024, the sources said.
Earlier, the federal government has given permission to export 250,000 metric tons of sugar the other mont h100,000 metric tons in September 150,000 tons in June, the sources added.
Earlier it was reported that the government of Pakistan has approved the export of 100,000 metric tons of sugar.
Sources privy to the development revealed that the export will be halted immediately if domestic sugar prices exceed the set benchmark, ensuring stability in the local market.
The export quota will be distributed among provinces based on their sugar production, with over 64 percent allocated to Punjab, 6 percent to Sindh, and 30 percent to Khyber Pakhtunkhwa (KP).
The distribution process will be managed by provincial commissioners, and quotas will be allocated within seven days of notification.
The retail price of sugar for export is fixed at Rs 145.15 per kilogram, and mill owners must keep domestic prices below Rs 140 per kilogram with no subsidies will be provided for the export, and the State Bank of Pakistan (SBP) will report on export status every 15 days. NNI
