PR No. 278 Islamabad
The monthly meeting of the Inter-Ministerial Committee, tasked by the ECC of the Cabinet to monitor the supply and price situation of sugar, was held on 25th May 2017 at the Ministry of Commerce with Engr. Khurram Dastgir Khan, Minister for Commerce, in the chair.
The Committee noted with satisfaction that the country had achieved the record level of sugar production during the current crop year. On one hand, the sugarcane farmers have benefitted from the stable prices of sugarcane and on the other hand, the consumer has been passed on the dividends of record sugar production in the form of low price of sugar in the domestic market on the eve of the Holy month of Ramazan.
The meeting was informed that the price of sugar in the domestic market according to the Sensitive Price Index for the week ending 18th May 2017 was 58.09 per kg which was 7.2% lower than the level of December 15, 2016 when the export of sugar was allowed by the ECC. The meeting was also informed that the Sugar Advisory Board, in its meeting held on 17th May 2017, had recommended allowing further exports of sugar beyond 425,000 MT already allowed by the ECC during the current crop year. The Committee noted that out of the allowed quantity, a quota of 35,000 MT was unutilized and the shipments of the allocated quota were also in the pipeline.
In order to maintain the price stability during Ramazan, the Committee decided to defer the decision on allowing further exports of sugar till the last week of Ramazan. Meanwhile, the ECC will be recommended to extend the time limit for export of remaining quantity of sugar from the already allowed quota of 425,000 MT till July 31, 2017.