Sugar price hiked in Punjab, Sindh despite sufficient stocks
Farmers are eyeing import price not less than Rs 230 per 40 Kg of sugarcane
LAHORE (Dunya News) – Sugar price has been hiked in both Punjab and Sindh despite sufficient stocks.
Over a week, sugar has hit Rs 65 per Kg in retail in Punjab while Rs 58 per Kg in Sindh. According to whole sale dealers, stocks upto at least four lac tonne are there in the country. However, shortage in supply of the product is causing increase in price.
Adding to the woes, sugar mills have not started crushing process as price of imported sugarcane is not set. Mills owners have demanded price of sugarcane import to be set at Rs 180 per 40Kg in Punjab while Rs 160 in Sindh.
However, farmers are eyeing import price not less than Rs 230 per 40 Kg of sugarcane.
Separately, investments have plunged by at least 68 percent in comparison to the last year in July-October 2015 period. A press release issued by the State Bank of Pakistan (SBP) states that total investments in first four months of the Fiscal Year (FY) 2015-16 stand at USD 200 million.
Direct Foreign Investment was limited to USD 350 million with a fall of at least 24 percent. Karachi Stock Exchange (KSE) also could not attract foreign investors as much as it could have. The foreign investors have withdrawn at least USD 140 million in July-October period.
Experts have stressed need to curb energy crisis and provision of business-friendly environment to boost foreign investments in Pakistan.
