ISLAMABAD: Pakistan’s Deputy Prime Minister Mohammad Ishaq Dar has reaffirmed the government’s commitment to actively monitor supply and regulate sugar prices countrywide to ensure market stability and affordability for consumers.
Chairing a meeting on the sugar situation in Pakistan, Dar reviewed compliance with the committee’s agreement reached earlier and expressed satisfaction with the downward trend in prices, said a statement issued by the office of the Deputy Prime Minister on Friday.
Ishaq Dar directed Pakistan Sugar Mills Association (PSMA) to ensure full compliance with the agreement for retail prices of sugar at or below 164 rupees per kilogram throughout the country.
He reaffirmed the government’s commitment to actively monitor supply and regulate sugar prices nationwide to ensure market stability and affordability for consumers.
Sugar consumption is expected to increase slightly to 6.7 million tonnes, driven by population growth and rising demand from the food processing sector.
In the previous season, Pakistan produced over 6.84 million tonnes of sugar, and production is anticipated to rise in 2024-25.
In light of the reported large-scale diversion from consumers, the Competition Commission of Pakistan (CCP) has stated that it is closely monitoring the ongoing sugar crisis. The CCP also warned that strict enforcement and policy actions would be implemented if any anti-competitive practices are identified.
The CCP inquiry, initiated in 2020, revealed that sugar mills were likely involved in price-fixing and controlling supply through coordinated actions facilitated by the PSMA.
As part of the investigation, the CCP conducted raids and imposed a Rs 44 billion penalty on sugar mills and the PSMA in August 2021, marking one of the highest fines in its history.
