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ISLAMABAD – The most expensive imported sugar of the country’s history costing Rs 109.09 per kg procured by the federal government has arrived to Pakistan.
“In pursuance of federal government instructions, Trading Corporation of Pakistan is once again importing sugar from international sources for Utility Store Corporation (USC) and provincial governments. In this connection, 4th vessel, MV GOLD RIVER, carrying 28,760 MT sugar has berthed at Karachi Port,” said a press statement of Trading Corporation of Pakistan (TCP).
The cargo of the vessel shall be lifted by M/s Utility Store Corporation of Pakistan. Next vessel carrying 28840 MT of sugar is expected by Monday 27th September, 2021, said the press statement.
It is worth to mention here that in August 2021, the Economic Coordination Committee (ECC) of the Cabinet had approved import of 200,000 tonnes of sugar.
According to official source, the rate of the imported sugar at arrival is Rs 109.09 per kg, which is highest ever purchase rate for imported sugar. The price of the latest imported sugar at arrival is Rs 25.15 per Kg higher than the ex-mill rate of the sugar in the country which is Rs 84.75 per Kg. Similarly the price of the imported sugar is Rs 33.25 per Kg higher than government retail price of sugar which is Rs 89.75 per Kg.
The imported sugar will cost Rs 123 per Kg to the Utility Stores Corporation of Pakistan; an official source told The Nation. The sale price of the imported sugar in the Utility Store Corporation of Pakistan is Rs 85 per Kg and the gap in the cost of the imported sugar and its sale price will be bridged through subsidy, the source said. The rate of the earlier 100,000 tonnes of imported sugar was Rs 89.26 per Kg.
It is also worth to mention here that the earlier tenders for 200,000 tonnes had to be cancelled owing to higher international sugar prices that worked out at Rs102-103 per kg.
In January 2021, the ECC had approved import of 500,000 tonnes of sugar. However, till August 2021, only 100,000 tonnes sugar was imported, which has prompted the ECC to constitute a committee.
The committee had been tasked to look into reasons for non-procurement of sugar through import immediately after the decision by the ECC and the federal cabinet. The committee was also tasked to probe reasons for scrapping tenders for sugar import and also look into financial loss caused due to delay in the import of sugar.