Ministry of Industries and Production (MoI&P) and Pakistan Sugar Mills Association (PSMA) are presenting contradictory figures with respect to sugar stocks held by mills, informed sources revealed to Business Recorder. According to the MoI&P, stocks with the mills were 536,326 tons as of August 31, 2010 whereas PSMA claims the stocks with its members mills were less than 0.4 million tons.
A spokesman of the Industries Ministry while quoting the data provided by Federal Bureau of Statistics (FBS) said that sugar stock position as of August 31 is as follows: Trading Corporation of Pakistan (TCP) has 151,805 tons of stock whereas the sugar mills have 536,326 tons of stock.
It is pertinent to mention here that the finance minister at a recent meeting of the Economic Co-ordination Committee (ECC) of the cabinet raised concerns over the authenticity of FBS figures saying that they do not match the economic indicators.
Official circles, however, believe sugar mill owners are trying to make excessive profits by giving the impression that their stocks are about to be depleted. Spokesman of the MoI&P stated that TCPs 197,311 tons of imported sugar will arrive during September and October whereas TCPs 320,000 tons of imported sugar will arrive by December. Thus, there will be a total stock of 1,205,000 tons of sugar, which would be sufficient till December given the monthly consumption of 350,000 tons.
The spokesman further said that the TCP had arranged 0.1 million tons of sugar for the provinces which was to be lifted by them at least one week before the advent of Ramadan. The provinces have so far lifted only 27,009 tons of sugar. Since the provinces have been empowered after the 18th amendment, therefore they should move against the profiteers and hoarders of sugar according to the law and ensure that sufficient sugar is available in the open markets, the spokesman added.
According to the sugar stock data provided by the respective Cane Commissioners, out of total 536,326 tons of sugar stocks, Punjab has 302,618 tons, Sindh has 206,513 tons, whereas Khyber Pukhtunkhawa has 27,195 tons of sugar stocks. At present, the sugar prices in neighbouring countries in Pakistani rupees per kg are, Rs 55 per kg in India, Rs 61 per kg in Bangladesh, Rs 65 per kg in Sri Lanka and Rs 120 per kg in Afghanistan.
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