Sugar export banned

Syed Naveed Qamar Federal Minster for Finance, Privatisation & Investment has directed the Ministry of Commerce to immediately ban export of sugar and notify removal of import duty on sugar import by private sector in consideration of increased domestic consumption in order to stabilise the prices.
It was decided in the meeting of Daily Economic Monitoring Committee of Ministry of Finance, Privatisation & Investment held here on Saturday, says a press release.
The committee advised the Ministry of Petroleum & Natural Resources to expedite CNG prices committee meeting, which has been formed to devise a benchmark for Ogra guidance, facilitating announcement of CNG consumer prices. The committee would complete its homework shortly and submit recommendations to the government.
The committee reviewed existing wheat stock position, which is comfortable and directed Ministry of Food & Agriculture to import further wheat to meet the increased domestic requirements.
The Minfal informed the committee that it is importing a total of 2.5 million tones of wheat. First shipment has already landed on July 6, 2008, offloaded and distributed. Second shipment of wheat import is due on today, Saturday, while third shipment shall arrive on August 2, 2008 followed by additional imports on need basis. It will help augment domestic wheat stock, the committee was informed.
The committee noted that international market wheat prices are going down because of good crop yield world over. Minfal further informed the committee about existing wheat stock, which is 3.7 million tones.
Minfal apprised the committee that 50,000 tones of urea is being imported from Saudi Arabia to meet local demand, adding that the brotherly country has further committed 200,000 tones of urea.
The committee expressed satisfaction over DAP stock position for Rabi season. It was noted that DAP prices will be decided by Fertiliser Prices Committee which has already been notified by federal government under the chair of Advisor to Prime Minister on Industries & Production.
The committee agreed with the Minfal view, directing to provide 6,000 tons of pulses to Utility Stores Corporation, and offload 20,000 tons of pulses in open market. It was also noted that supply of sugar to USC is being increased and the Trading Corporation of Pakistan (TCP) would procure sugar from sugar mills to stabilise supply in the market.