PSMA Denies Rumors Of Sugar Price Hike

Sumaira FH Published December 13, 2024 | 11:10 PM

The Pakistan Sugar Mills Association (Punjab Zone) has denied the rumors of a sugar price hike and called for strict action against speculators having vested interests linked with price hike of sugar

LAHORE, (UrduPoint / Pakistan Point News - 13th Dec, 2024) The Pakistan Sugar Mills Association (Punjab Zone) has denied the rumors of a sugar price hike and called for strict action against speculators having vested interests linked with price hike of sugar.

The PSMA-PZ spokesman stated here on Friday that baseless rumors about a sugar price hike are being spread by speculators and clarified that recent media reports claiming an increase in sugar prices are false.

The spokesman categorically said that the ex-mill sugar prices have not exceeded the government’s declared limit of Rs 140 per kg set by the Economic Coordination Committee (ECC) meeting held on June 13, 2024. After government gave sugar export permission in June 2024, the ex-mill and retail prices of sugar have decreased, he added.

During this period few price corrections took place based on interplay of market forces but remained within declared parameters.

As reported by respective representatives of Punjab, Sindh and KP governments, in meeting on 13th December, 2024 with Federal Government, retail prices of sugar as of 12th December, 2024 are upto Rs. 130 per kg in different parts of the country. While sugar industry reported ex-mill prices of Rs. 122 to 125 on that date.

He said that new crushing season was ongoing smoothly, current stocks were satisfactory. Sugar production was estimated to meet domestic demand in next year. Same stance was presented and substantiated by the sugar industry to the satisfaction of Sugar Advisory board (SAB) meeting held on November 22, 2024.

The PSMA appealed to the government to take strong action against speculators who tend to spread baseless rumors for their personal gains.