ISLAMABAD: The government is optimistic that the early crushing of sugarcane would reduce the prices of sugar in the local markets even below Rs90 per kg as sugarcane production would be considerably higher compared to last year.

This was noted during the weekly meeting of the National Price Monitoring Committee (NPMC) to review the trend of essential commodities’ prices in the domestic market.

The meeting was presided over by Minister for National Food Security and Research Syed Fakhar Imam, in the absence of the finance minister who is in Washington to participate in the annual meeting of the IMF/WB and to hold talks with the Fund on pending review.

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The meeting was informed by the secretary Ministry of Industries and Production that the sugarcane production is expected to be greater in quantity compared to last year.

Additionally, imported sugar is being provided to Sasta Sahulat Bazaars and the Utility Stores Corporation at subsidised price at Rs90 per kg in order to provide relief to the consumers. The early crushing of sugarcane will further reduce the prices of sugar in the local markets, he added.

The secretary Ministry of Industries stated that voluntary crushing of the sugarcane in some districts of Sindh would start from 25th October 2021, while the government’s priority is that the sugarcane crushing should start by the first week of November 2021 in the Punjab province.

Copyright Business Recorder, 2021