Federal cabinet approves sugar export of another 5 lakh metric tons conditionally

The federal cabinet has approved export of another 5 lakh metric tons of sugar, the approval of the Cabinet was obtained through circulation of the summary, reported 24NewsHD TV channel.

The government has given the approval of the import on several conditions. The export of sugar will be immediately canceled if the prices exceed the fixed benchmark while the export is also subject to sugar mill owners promise that they will resume the production from November 21. Benchmark retail price of sugar for export is fixed at Rs 145.15 per kg.

If the retail price rises above the benchmark, the export of sugar will be cancelled immediately. Moreover, Sugar Advisory Board has been given the task to monitor the entire process of sugarcane prices, production as well as export. The orovincial governments have also been asked to monitor the prices. The federal and provincial governments will not give any subsidy on sugar export while central bank will inform the ECC about the status of sugar export on the basis of 15 days. A total of 750,000 metric tons of sugar has been allowed which will be exported since June 2024.

Earlier, the federal government has given permission to export two and a half lakh metric tons of sugar. The federal cabinet approved the export of one hundred thousand metric tons of sugar on September 25.

Reporter: Waqas Azeem