ISLAMABAD   -  Ministry of Industries and Production is likely to move a summary to Economic Coordination Committee (ECC) of the Cabinet for abolishing imp¬ort duties on raw sugar to ensure adequate stocks in the country at reasonable price.

An official of the Ministry of Industries and Production said that sugar prices are once again on the rise. He further said that federal government may also impose a ban on export of Gur as sugar is being smuggled under the garb of Gur exports. Sugar price has surged to around Rs100 per kg in few markets of the federal capital. Market sources are of the view that sugar price might further increase in next few days.

In last month, Prime Minister Imran Khan had said sugar was being sold at a national average of Rs81 per kilogramme compared to Rs102 per kg last month. Taking to Twitter, the premier had congratulated his team for bringing down the price of the commodity through a multi-pronged strategy. Federal Minister for Planning and Development Asad Umar and Federal Minister for Industries and Productions Hammad Azhar also took to Twitter to hail the PTI government’s efforts to bring down the price.

It is worth mentioning here that sugar price had started increasing from Rs55 per kg on in last year. The federal government is now hoping that sugar prices would reduce after upcoming sugarcane crushing activity. On Monday, Federal Minister for Industries & Production Hammad Azhar apprised the National Price Monitoring Committee (NPMC) that production of sugar is likely to increase this year due to improved sugarcane crushing activity and would eventually release pressure on the upward price trend.

In August last year, the government exempted the import of 300,000 tons of sugar from withholding tax and 17 percent sales tax to lower the price of the sweetener in the country. In two separate notifications, the Federal Board of Revenue said sales and income taxes on the import of 300,000 tons of white sugar by the TCP had been withdrawn. The Economic Coordination Committee (ECC) of the cabinet allowed import of 300,000 tons of sugar expecting a shortage of the commodity. “The ECC considered a proposal of the Ministry of Industries and Production for the import of refined sugar by the TCP to maintain buffer stocks, and allowed import of up to 300,000 tons of white sugar,” the finance ministry said in a statement.