KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Shamim Ahmed Firpo has urged the government to refrain from allowing sugar exports as it would result in escalating the prices of this essential commodity in the local markets, resulting in overburdening the common man and affecting a wide spectrum of relevant industries at a time when the holy month of Ramazan was just a couple of months away.
In a statement, the KCCI president cautioned that sugar consumption touches the highest level during Ramazan as people buy plenty of juices, beverages, bakery items and sweets for Iftar.“Any move to export sugar will exorbitantly raise its prices in the local market and create problems for the masses,” he added.
He was of the opinion that it was not the right time to export sugar as the current prices in local market were higher as compared to international markets and i
t seems that sugar producers were attempting to make higher profits by raising the prices in domestic markets.
Firpo feared that initially sugar producers were seeking permission to export this commodity but later on, they would be insisting subsidy due to lower global prices.
He noted that sugar was currently be
ing sold in the local market at the rate of Rs60 per kilogram whereas this commodity was available in the international market at $489 per ton i.e. Rs50 per kg.
H
e advised the government to avoid taking such steps which would create more problems for the general public, particularly the poor segment of soc
iety as they were already pretty much distressed and overburdened in the ongoing era of inflation in which prices of almost all the commodities have escalated sharply and some of the basic commodities being used at every household have gone beyond the approach of common m
an.
He said that that in order to protect the sugar industry, the government has already imposed 20 percent customs duty and 20percent regulatory duty to discourage import of cheaper sugar.
