Sugar prices likely to fall as ‘new stocks reach market’

ISLAMABAD – National Price Monitoring Committee (NPMC) on Wednesday noted that sugar prices are expected to further decline in the country as the new stocks of sugar are arriving in the market. 

The NPMC was informed that the decrease in price of sugar in the country is due to the government’s steps. The new stocks of sugar are arriving in the market which will further reduce the prices. The NPMC expressed satisfaction over the stability in the sugar prices in the market. 

Market sources informed that sugar price which had reached all time high mark of Rs7,600 per 50kg bag went further down to Rs4,400 per 50kg bag, which in retail is being sold at Rs100 per kg. Sugar prices are declining due to the start of crushing season as well as government’s intervention in the market of supplying imported commodity at Rs90 per kg through the Utility Stores outlets and temporary/mobile outlets. According to the traders, sugar prices are likely to remain on the lower side till March 2022 due to sufficient stocks but after that big dealers can exploit the situation in accordance with the international market trends. 

Adviser to the Prime Minister on Finance and Revenue, Mr Shaukat Tarin, presided over the National Price Monitoring Committee (NPMC) meeting held at Finance Division. 

National Price Monitoring Committee reviewed the prices of daily commodities and essential food items in the country. 

The Secretary Finance briefed the NPMC about the weekly SPI situation which has been decreased by 0.07 percent during the week under review. While reviewing the price trend of essential commodities, the secretary finance apprised that prices of 9 essential commodities registered decline whereas prices of 23 items remained stable during the last week, while prices of 19 essential commodities have shown slight upward trend, he added. 

The secretary also apprised the meeting that prices of essential commodities Tomatoes, Potatoes, Chicken farm, Sugar, wheat flour bags have registered significant decline during the week. 

He further updated NPMC that the prices of the wheat flour bags remained consistent at Rs1,100 per 20 kg due to the proactive measures of the Punjab, KP governments and ICT administration. The daily release of wheat by all the provincial governments will further ease out wheat prices at national level. 

The adviser appreciated the efforts of Sindh government and stressed to ensure availability of wheat flour at government prices in Karachi and Hyderabad.

Chairman TCP gave a presentation on the various options for availability of imports of edible oil on low prices. The meeting deliberated in detail on consumption pattern of branded and unbranded edible oil. The meeting also noted the price difference between both the categories and directed to remove the anomalies to ensure supply of edible oil on reasonable prices. 

While reviewing the production of pulses in the country, it was informed that prices of pulses have shown slight increase in the week under review. The adviser directed Ministry of National Food Security & Research to monitor the movement of international prices of pulses and accordingly plan import to avoid price hike in the country. 

NPMC also reviewed milk prices in the country and observed variations in milk prices across the country. The adviser directed all the provincial chief secretaries to keep a check on the undue price hike of milk. 

In his concluding remarks, the Adviser to the Prime Minister on Finance and Revenue stated that the government is taking all possible measures to ensure smooth supply of essential commodities throughout the country. Secretary Finance, Secretary Industries & Production, Secretary NFS& R, Additional Secretary Commerce, Provincial Chief Secretaries, Chief Statistician PBS, Chairman TCP, MD Utility Stores Corporation, and other senior officers participated in the meeting.