Latest news with #Rs164
Express Tribune
20-05-2025
- Business
- Express Tribune
Retailers threaten sugar sale halt amid price hike
As the wholesale price of sugar has witnessed a continuous hike, the Grocery Merchants Association has announced that if the Punjab government and local administration fail to reduce the ex-mill wholesale price of sugar, all grocery retailers across Punjab will stop selling sugar from next week. Sugar prices in the open market have surged by Rs20 per kg, reaching Rs180 per kg. Speaking to The Express Tribune, the association's president, Saleem Parvez Butt, said that the government has fixed the official retail price of sugar at Rs164 per kg, but sugar is now being supplied by mills at a wholesale rate of Rs174 per kg. He explained that additional costs, including loading, unloading, transportation, shopping bags, and wastage, amount to approximately Rs10 per kg. This means that purchasing sugar at Rs174 per kg and selling it at Rs164 per kg is financially unfeasible for retailers. Butt further added that the Rawalpindi Division and Islamabad District do not produce sugar and have no sugar mills of their own. Local dealers procure sugar from other regions where mills are located. With the new budget approaching, if prices remain unchecked, sugar could reach Rs200 per kg. The Central Grocery Association of Punjab has issued a clear warning to both the federal and provincial governments that if they continue to pressure retailers instead of controlling the sugar mill mafia and enforcing the official ex-mill rates, then millions of retailers across Punjab will suspend sugar sales entirely.
Express Tribune
29-03-2025
- Business
- Express Tribune
Dar urges PSMA to ensure Rs164 per kg price
Deputy Prime Minister and Foreign Minister Senator Ishaq Dar on Friday reaffirmed the government's commitment to actively monitor supply and regulate sugar prices nationwide to ensure market stability and affordability for consumers. Chairing a meeting on the sugar situation in Pakistan, the deputy PM reviewed compliance with the committee's agreement reached earlier and expressed satisfaction with the downward trend in prices. He directed Pakistan Sugar Mills Association (PSMA) to ensure full compliance with the agreement whereby retail prices are at or below Rs164 per kg throughout the country.
Express Tribune
24-03-2025
- Business
- Express Tribune
Sugar price hike reports baseless, says food minister Rana Tanveer
Listen to article Federal Minister for National Food Security Rana Tanveer Hussain has denied reports claiming that sugar is being sold at Rs180 per kilogram, calling them 'baseless' and 'propaganda meant to create panic among the public.' Speaking to the media, the minister said no significant increase in sugar prices has occurred, and in fact, government action has led to a Rs5 per kg reduction. 'Media rumours are designed to spread uncertainty. The current market price is Rs164 per kg, not Rs180,' said Hussain. 'These statements are part of a disinformation campaign.' He added that the federal government is working closely with provincial authorities to monitor the situation and ensure price stability. Prime Minister Shehbaz Sharif has also formed a committee, headed by Ishaq Dar, to determine fair sugar pricing. According to the minister, hoarders and profiteers are responsible for the recent disruptions and will face strict action. 'There is no shortage of sugar in the country. We will not allow anyone to manipulate prices,' he stated. Rana Tanveer rejected claims of a sugar crisis, saying last year's sugar stock stood at 7.6 million tonnes, while national consumption was only 6.3 million tonnes. 'The surplus stock was about 1.5 million tonnes, and more than half has already been exported,' he explained. He acknowledged that while sugarcane cultivation increased by 2% this year, adverse weather slightly affected yield. Still, a national buffer stock ensures a stable supply. 'There is no truth in media reports about sugar shortages or exports,' he said. 'Some vested interests are spreading misinformation to disturb market conditions, but the government is fully implementing the Prime Minister's instructions to maintain supply and prevent shortages.'
Express Tribune
21-03-2025
- Business
- Express Tribune
Traders defy official sugar price
The Kiryana Merchants Association (KMA) has rejected the government's newly set ex-mill, wholesale, and retail sugar prices, calling them unrealistic and demanding a reasonable wholesale price. The association has sought a profit margin of Rs15 per kilogramme after covering costs. According to the association, sugar is not available anywhere in the city at the wholesale rate of Rs159 per kg. Due to the lack of checks and balances, sugar is being sold for Rs180 per kg in the open market. The association's president, Saleem Parvez Butt, and provincial secretary-general Rizwan Shaukat, explained that the ex-mill price of sugar is Rs159 per kg. After factoring in transportation costs, the price of sugar from the mills to the Rawalpindi district comes to Rs165.50 per kg at the wholesale level. Due to factors like labour, loading, unloading, packaging, and weight discrepancies, sugar costs Rs168 per kg for local grocers, he said and questioned how they could sell sugar at Rs164 per kg when they are buying it at Rs168. This is impossible. Butt urged the Deputy Commissioner (DC) to calculate the actual expenses from the ex-mills price to the retail shops in the Rawalpindi district and set the price accordingly. To do this, a joint meeting of the district administration, the price control committee, wholesale dealers, and the KMA should be convened to determine the real price of sugar. If this is not done, the association could halt both wholesale and retail sugar sales. The association warned that sugar mills and the administration could sell sugar directly, but the wholesalers would stop the open market sales altogether. In the city centre, sugar is being sold for Rs180 per kg, while in surrounding areas, it has reached Rs190 per kg.
Express Tribune
20-03-2025
- Business
- Express Tribune
Millers to benefit from Rs19/kg hike in sugar price
The government on Wednesday set the retail price of sugar at Rs164 per kilogram, which is 13% higher than the price set when the export of 600,000 metric tons of sugar was allowed. This adjustment benefits millers by enabling them to reap double bonanza, earning higher revenues from both local and international markets. The decision was taken by a 10-member committee led by Deputy Prime Minister Ishaq Dar. The committee determined the new ex-factory and retail prices of sugar after negotiations with the Pakistan Sugar Mills Association (PSMA), an entity accused of operating as a cartel by the nation's antitrust watchdog.
