Govt to import raw sugar to ‘stabilise prices’

Barely a few weeks after exporting half a million tonnes of sugar, the federal government on Monday decided to import raw sugar to “stabilise prices” in the country. According to an official statement, the import of raw sugar (Shakkar) would help bring down prices in the country and help increase future production, as it could be refined and converted into sugar locally. Interestingly, the export permission was granted after the industry promised to keep domestic prices between Rs145 and Rs150 per kilogram. However, prices have increased to over Rs180 per kg in the last 10 days. According to market observers, this kind of price surge during the crushing season is not only unprecedented, but also highlights the government’s lack of effectiveness and the industry’s credibility.