Amid concerns over potential price hikes, the federal government has taken a decisive step by opting not to permit sugar exports at this juncture.
The decision comes in response to apprehensions regarding the consequences of allowing sugar exports, which could exacerbate existing market dynamics and lead to increased prices.
Reports indicate that the Sugar Mills Association had advocated for the issuance of export permits for sugar, prompting the Sugar Advisory Board to solicit input from relevant stakeholders and provincial authorities. However, despite deliberations, sugar mill owners were unable to provide a guarantee that exporting sugar would not result in price escalation.
Consequently, the government insisted on receiving written assurances from the association regarding price stability before considering the export proposal.
Sources suggest a concerning trend of sugar price hikes following discussions surrounding potential exports. In light of these developments, the Ministry of Industry and Production engaged in thorough consultations with pertinent bodies to assess the situation comprehensively.
Emphasizing the importance of maintaining price stability, the ministry reiterated that export permissions would only be granted with adequate assurances in place.
Furthermore, the Sugar Advisory Board has sought recommendations from provincial authorities regarding storage capacity, production levels, and export potential.
