Punjab Govt Issues Notices to Sugar Mills on Sold Stock Still Being Held in Inventory

Cane Commissioner Punjab has issued notices to all 42 sugar mills in Punjab to provide details of sugar stocks that have been sold but are yet to be lifted by dealers and brokers.

This action comes as the provincial government persists in its efforts to control the record surge in both wholesale and retail sugar prices.

“You are required to provide complete detail of the quantity of sugar sold but not yet lifted along with complete detail of sugar dealers/brokers by tomorrow (Tuesday) 11 am”, stated the notification issued by Cane Commissioner Punjab

A similar directive was issued two weeks ago when sugar mills and buyers were asked to lift the stocks within three days as prices were being jacked up by trading the stocks lying in the mills. The government has also threatened appropriate criminal proceedings in the notification as well if any sugar mill provides the wrong information.

The retail price of sugar has spiked to Rs. 150-170 from Rs 98 in April and attempts by both federal and provincial governments to fix the sugar prices have been blocked by the Lahore High Court. So the government has resorted back to regulating the manufacturing side of things.

“It has become a total joke because the more the government will press the industry, it will bounce back stronger. Authorities may round up one or two persons out of a hundred and wholesale prices may come down by Rs. 200 but only to rebound by Rs. 1000 or more.”, stated a market consultant talking to ProPakistani.