Sugar price soars to Rs 28.50 per kg

Meanwhile the president of Pakistan Sugar Mills Association (PSMA) Zaka Ashraf while talking to The Nation via phone from Lahore termed this increasing trend in the prices of sugar was good news for sugar industry as they were force to sale their product on cheaper rates than actual cost of production.

He pointed out that sugar price crisis arose due to mismanagement in handling of the issue by the government. He said that normal sugar sale and purchase had been started in the market which had previously come to a standstill as the sugar prices had crashed in the market. “Now when the sugar prices are coming to normal levels of Rs 28.50-29 per kg, the sugar buyers have now started to come forward for purchasing, as the buyers are reluctant to buy where the market is in depression.”

The present stabilisation in the prices of sugar prices would help the farmers to get their cane payments as sale of sugar has been started, he said. He reminded that PSMA in its recent meeting with the federal finance minister had apprised about the losses they were suffering due to huge gap between low ex-mill price and increased cost of production of the commodity as TCP was not ready to buy sugar from mills on reasonable rates.