Latest news with #Rs140
Business Recorder
3 days ago
- Business
- Business Recorder
Grave policy gaps in sugar sector
EDITORIAL: The Trading Corporation of Pakistan's (TCP) July 15 directive to slash its sugar import tender from 300,000 to just 50,000 metric tonnes is the latest twist in a saga that has completely exposed the confusion, lack of foresight and planning, and utter incompetence that has defined the government's handling of sugar export and import decisions in recent months. More tellingly, it reveals a policy regime designed to reward rent-seeking behaviour rather than protecting the public interest and market stability. As previously detailed in this space, the government, acting under the considerable, and dare one say, pernicious influence of powerful sugar barons, many of whom hold prominent positions within the political mileu, approved the export of roughly 765,000 metric tonnes of sugar during the last fiscal year. The decision was ostensibly based on assurances that only surplus stocks would be exported, ensuring that domestic prices would remain stable. However, what ensued was a shortage of sugar domestically and a sharp price surge, solely benefitting trade. To rein in soaring domestic prices, the government recently decided to allow the tax-concessions on import of sugar. The timing of the import decision, however, highlights a serious lack of planning and coordination among key stakeholders. By the time imported sugar enters the Pakistani market, the local crushing season will be in full swing, risking disruption to the domestic crop's market. Even more critically, importing such large quantities raises questions regarding the pressures that will be brought to bear on our precarious foreign exchange reserves. And given the tax waivers on these imports – wherein the FBR has exempted these from customs duty and reduced the sales tax rate from 18 percent to 0.25 percent – not only is this going to seriously burden the national exchequer, the country will also risk violating the $7 billion IMF programme that mandates it to not grant preferential tax treatments or engage in commodity purchases. While the IMF has made no official comment, there are reports of it privately taking strong exception to the government's haphazard moves that deviate from agreed reforms. It is this pressure, ostensibly, that compelled the TCP to considerably scale back its sugar import tender. The exorbitant prices Pakistani consumers have been forced to pay for sugar reveal not only the folly of the ill-conceived decision to export the commodity in the first place, it also points to deeper, systemic issues related to rampant price manipulation, hoarding, the entrenched political clout of sugar barons, their cartel-like behaviour and the collapse of regulatory oversight. Over the last seven months, there has been a consistent rise in prices of the commodity from Rs140 per kg to around Rs210 per kg even as its international price at current exchange rate levels hovers around the Rs104 per kg mark. Now, despite the government reaching an agreement with mill owners that fixed the wholesale price at Rs165 per kg, media reports indicate that many wholesale outlets have openly defied the agreement, demanding prices far beyond the official rate. As a result, consumers continue to face inflated retail prices that bear little relation to the official ex-factory cost. This encapsulates all that is wrong with the regime governing the trade of agricultural commodities: toothless oversight mechanisms, unchecked power and impunity of entrenched agro-industrial lobbies, and the complete marginalisation of the public interest. It must be noted that sugar is not a staple crop nor does it have substantive strategic value. Given this, it is unacceptable that successive governments have essentially subsidised its growth at the cost of more vital commodities. The government must put an end to the mollycoddling of the sugar sector and enforce discipline and transparency in its regulation. Copyright Business Recorder, 2025
Express Tribune
6 days ago
- Climate
- Express Tribune
Monsoon deluge cripples Pindi
A laborer carries sacks of onions while wading through a flooded street after heavy monsoon rains in Lahore on July 16, 2025. Photo: AFP A devastating spell of torrential rain on Wednesday night and throughout Thursday left the entire city of Rawalpindi submerged. Streets, markets, and neighbourhoods turned into virtual lakes, presenting scenes reminiscent of Venice. A prolonged 19-hour power outage further crippled the city, rendering the water supply system inoperative. Traffic ground to a halt across all major roads and commercial centres. The Rs140 million allocated for the cleaning of Nullah Leh and 15 stormwater drains was effectively swept away by the floods. The district administration and Water and Sanitation Agency (WASA) were rendered entirely ineffective and powerless, prompting the deployment of Pakistan Army. With the city inundated and drainage systems completely overwhelmed, the Rawalpindi Deputy Commissioner declared an emergency public holiday at 11am on Thursday, resulting in the closure of all government offices. A flood emergency was enforced immediately, and all leaves for relevant officials were suspended. Due to excessive flooding, all underpassesboth new and oldhad to be shut down. Major roads including Mall Road, Murree Road, Rawal Road, and Raja Bazaar were completely submerged, paralysing commercial activity. In low-lying areas, streets and underpasses remained under three to five feet of water for nearly 15 hours. The city's administrative bodiesincluding WASA, the Rawalpindi Cantonment Board (RCB), and the District Councilcompletely failed to drain the accumulated water. Floodwaters entered homes, shops, and business premises, causing property damage estimated in the millions. Vehicles parked in garages, lawns, and streets were submerged under up to two feet of water, leaving hundreds of cars inoperable due to engine failure. Senior officialsincluding the Commissioner, Deputy and Assistant Commissioners, federal and provincial ministers, parliamentary secretaries, and officers from WASA and the Rawalpindi Municipal Corporation (RMC)avoided visiting flood-affected areas, reportedly out of fear of public backlash. As has become routine, officials were seen posing for photographs and selfies on the Gawalmandi Bridge while gesturing toward the floodingbefore quickly departing. Ironically, these same officials had recently claimed that Rs140m had been used to clean Nullah Leh and other storm drains. Yet, in the wake of the city's submersion, they avoided media inquiries throughout the day. Two dead, several rescued Meanwhile, two people were killed and two others injured as torrential rains triggered flash floods, caused roof collapses, and led to multiple drowning incidents. Rescue operations are ongoing to locate a child and another person who were swept away in rainwater drains. One body has been recovered so far. Heavy rainfall on Thursday caused severe flooding in Nullah Leh, other seasonal streams, and the River Soan, leading to flood-like conditions in several areas.
Business Recorder
16-07-2025
- Business
- Business Recorder
PTI opposes sugar import move
ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) on Tuesday strongly criticised the government's move to import 500,000 metric tons of sugar, calling it a 'deliberate, well-orchestrated conspiracy benefiting the sugar mafia and political elites'. A PTI spokesman accused the government of orchestrating the current sugar crisis to enable profiteering by powerful businessmen while ordinary citizens suffer. The government's earlier authorisation to export 765,000 metric tons of sugar, despite claims domestic supply would remain stable, has resulted in severe shortages and price hikes from Rs140 to over Rs200 per kilogramme. Sugar imports, exports: 'Govt's handling inflicts billions of rupees in losses' He condemned the government's decision to import sugar duty and tax-free, estimating the cost to the national treasury at Rs72 billion, while the sugar mafia had already gained 92 billion rupees. The PTI claimed that approximately 2.6 million metric tons of sugar are already stockpiled domestically, making imports unnecessary. He claimed that the Finance Ministry opposed the import decision, which was made without the finance minister's consent, raising questions about who controls economic decisions. PTI called for a judicial inquiry into the scandal, demanding transparency on profiteers, investigations into hoarding, affordable sugar supplies, and accountability for those responsible. Copyright Business Recorder, 2025
Express Tribune
15-07-2025
- Business
- Express Tribune
Deal falls flat as sugar prices stay high
The sugar industry might have cut a deal with the government to sell the sweetener to the wholesalers at Rs165 per kg. However, the effect of this deal has not yet reached people, who are still compelled to buy the commodity at prices ranging from Rs180 to Rs210 per kg. Sugar, mostly extracted in Pakistan from sugarcane, has seen a steady increase in prices in the last 7 monthsfrom Rs140 per kg to Rs200 per kg. According to Wholesale Grocers Association Chairman Rauf Ibrahim, mills had stopped supply of sugar on Friday, causing a further hike in prices. The Ministry of National Food Security and Research and sugar mills reached an agreement on Monday, setting the ex-mill price of sugar at Rs165 per kg. "The mills resumed supply of sugar on Tuesday but they are not providing the produce at the agreed price and have set the ex-mill price at Rs175 per kg." He said under the Rs165 ex-mill formula, the wholesale price should be Rs168 and the retail price between Rs172 and Rs175. However, sugar is not available in the wholesale market even at Rs185. Retail Grocers Association Chairman Fareed Qureshi said the retail price of sugar in Karachi was Rs200 per kg on Tuesday. In Lahore, sugar is being sold at the discretion of shopkeepers rather than at government-fixed rates. The official retail price of sugar is Rs180 per kg, but it is being sold for between Rs185 and Rs210. Lahore Deputy Commissioner Syed Musa Raza has directed assistant commissioners and price control magistrates to take action against those selling sugar at inflated rates. However, such actions have proven ineffective. Meanwhile, a high-level meeting on sugar prices was held under the chairmanship of Federal Minister for National Food Security Rana Tanveer Hussain. The meeting was attended by the chairman and senior members of the Pakistan Sugar Mills Association (PSMA) as well as senior officials of the ministry, according to a statement. Important decisions were made to stabilize sugar prices and provide immediate relief to the public. The association agreed to supply sugar at an ex-mill price of Rs165 per kg. The association appreciated the government's efforts and assured full cooperation in stabilizing prices. Officials stated that the impact of price reduction would be seen in the market within the next two to three days. On the occasion, Hussain said that the government is taking all possible steps to provide relief to the people. He made it clear that enforcement of the fixed retail price would be ensured and that hoarding or profiteering would not be tolerated under any circumstances. "A comprehensive strategy has been prepared to ensure uninterrupted supply of sugar, and that the ministry remains in constant contact with the sugar industry to safeguard public interest at all costs," the minister said. Interestingly, the Trading Corporation of Pakistan (TCP) has issued a revised tender stating that, for now, only 50,000 metric tons of sugar will be imported. Bids have been invited until July 22 under this revised tender. Earlier, a tender for 300,000 metric tons was issued with a bid deadline of July 18.
Time of India
13-07-2025
- Business
- Time of India
Chicken price crashes but egg pinches pockets this monsoon
1 2 3 Kolkata: In an unusual turn of trends this monsoon, egg prices shot up, while chicken prices dropped significantly across Kolkata and its fringes. This reversal in the cost of two of the most consumed protein sources left both consumers and poultry traders surprised. According to wholesale traders, egg prices rose to Rs8 per piece a week ago—among the highest in recent months—before settling slightly at around Rs7.50 per piece. In contrast, chicken prices, which usually remain high during this season, slumped to Rs140–Rs160 per kg in suburban areas and Rs180–Rs190 in city markets like Gariahat and Lake Market. In some localities, deskinned chicken is now available at Rs130–Rs140 per kg, a steep fall compared to last month. Industry insiders point to a combination of weather extremes, religious trends, and supply chain fluctuations behind the price shift. "Egg prices usually go up in the monsoon due to increased demand. But this year, the spike was sharper due to extreme heat in egg-producing districts like Nadia and Murshidabad, which led to a drop in egg-laying, coupled with rising feed costs," said Hafizul Rehman, a major layer farm owner in Nadia. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cách giao dịch ETH/USD mà không cần nắm giữ Ether IC Markets Tìm hiểu thêm Undo He also attributed part of the volatility to the recent bird flu scare, which discouraged many farmers from continuing chicken production and led to reduced egg supply. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata On the other hand, the monsoon months of Ashar and Shravan—observed in large parts of Bengal, Bihar, Odisha, and Assam—typically see a drop in meat consumption due to religious observances, said Madan Maity, general secretary of the West Bengal Poultry Federation. This seasonal slump in demand, coupled with the dumping of chicken from neighbouring states, led to supply exceeding demand, pushing prices further down. "Earlier, we used to avoid chicken because of cost. Now, it's so affordable that we're eating it for breakfast, lunch, and dinner," chuckled Gobindo Basak, an insurance agent from Sarsuna. Live chicken is now selling at Rs130 per kg, almost Rs80–Rs90 cheaper than pre-monsoon levels. According to a senior poultry federation official, "The religious abstention from meat during Shravan and the lingering impact of the bird flu rumours impacted consumer confidence. " Interestingly, the urban-rural price divide is more pronounced this time. While high-end city markets touched Rs200–Rs220 per kg for premium cuts a few weeks ago, prices have since dropped, especially in outer districts where chicken is available at Rs140–Rs150. As supply chains remain unpredictable and consumption patterns shift with seasonal and cultural cycles, poultry stakeholders are bracing for continued price swings in the coming weeks. The threshold weight for chicken is 1.5 kg. There is a subtle balance between chicken feed and price. If the chicken weighs more, its consumption increases, nullifying profitability.
