No increase in sugar prices: Rana Tanveer

WEB DESK: Federal Minister for Food Security Rana Tanveer Hussain dismissed reports of a surge in sugar prices, terming them “baseless”. He further clarified that the sugar was not being sold at Rs180 per kg, as speculated, and assured that the government would not allow any price hike.

Referring to the steps taken by government, he mentioned that Prime Minister Shehbaz Sharif had formed a committee, led by Foreign Minister Ishaq Dar, to oversee the matter. According to Rana Tanveer, government action had already resulted in a reduction of Rs5 per kg, bringing sugar prices down from Rs 168 to Rs 162 per kg.

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He further stated that the government, in collaboration with sugar mills, had established 274 stalls during Ramadan, while utility stores are offering sugar at Rs 153 per kg.

Rana Tanveer also criticised media reports suggesting a price surge, alleging that a campaign had been launched to create panic.

Providing figures on sugar production and exports, he said that Pakistan had 7.6 million tons of sugar stock last year, whereas the country’s annual requirement is 6.3 million tons. The surplus was exported, generating USD400 million in foreign exchange, he added.