Sugar imports, exports: ‘Govt's handling inflicts billions of rupees in losses'
Syed Aman Shah said that when the government allowed sugar exports in October last year, it had decided that if the retail price of sugar exceeded Rs.145.15 per kg, exports would be halted immediately.
However, from December 2024 to February 2025, sugar continued to be exported while prices kept rising, yet exports were not stopped. Now, by allowing the import of 500,000 metric tons of sugar, the federal government has once again given the sugar mafia a license to fill their coffers and push the public deeper into misery.
He accused that the sugar was first hoarded artificially to raise prices and then sold it at exorbitant rates, making billions. The constant rise in sugar prices has now become a grave crisis. The real cause of this price surge is government incompetence, flawed policies, and its alliance with the sugar hoarders.
Copyright Business Recorder, 2025
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
21 minutes ago
- Business Recorder
Petrol price up by Rs5.36, HSD's by Rs11.37
ISLAMABAD: The federal government announced a significant hike in petroleum product prices on Tuesday, effective for the fortnight beginning July 16, 2025. This increase will see consumers paying considerably more at the pump. In a statement, Finance Division announced that petrol is set to rise by Rs 5.36 per litre, bringing the new ex-depot price to Rs 272.15 per litre, up from Rs 266.79. High-Speed Diesel (HSD) will see an even steeper increase of Rs 11.37 per litre, raising its price from Rs 272.98 to Rs 284.35 per litre. This follows a previous price adjustment where petrol increased by Rs 8.36 per litre and HSD by Rs 10.39 per litre, primarily attributed to fluctuations in international crude oil prices. Interestingly, the Inland Freight Equalization Margin (IFEM) has been adjusted upward. For petrol, it's now fixed at Rs 8.89 per litre (up from Rs 6.96), and for HSD, it has also been up to Rs 6.04 per litre (from Rs 2.09). The government also kept petroleum levy unchanged on petrol at Rs 75.52 per litre and Rs 74.51 per litre on HSD. Copyright Business Recorder, 2025
Business Recorder
21 minutes ago
- Business Recorder
Business community stands divided over strike call
ISLAMABAD: The business community on Tuesday agreed to defer the nationwide strike, as a committee to be headed by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan would present a workable solution in 30 days to the prime minister and the Cabinet to address their concerns. This was confirmed by Haroon Akhtar Khan as well as Atif Ikram Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) while talking to Business Recorder, after a meeting called by Federal Minister for Finance Muhammad Aurangzeb of all business chambers and associations for negotiations on their strike. However, Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Javed Balwani told Business Recorder that a final decision regarding holding or deferring the strike would be announced on Wednesday (today). Govt to meet business community tomorrow, ahead of planned strike, says Aurangzeb Balwani said that the government side stated that these conditions are from the International Monetary Fund (IMF). 'The government linked, all measures we expressed are reservations about, to IMF conditions', he said, adding this leaves us little room to feel hopeful about fulfillment of our demands. The business community were divided over a shutter down strike on coming Saturday (July 19, 2025) against the extraordinary powers of the FBR in the Finance Act 2025 in the aftermath of holding extensive parleys with the four cabinet ministers. The government announced the establishment of a committee to resolve issues within 30 days at the Finance Ministry. 'We will only call off the strike call if the government defers implementation of the Finance Act 2025, including arrest powers under 37A, payment of Rs 200,000 through cash, e-bility, and others in writing,' the Presidents of Lahore and Karachi Chambers announced outside the Q Block (Finance Ministry) building at Pak Secretariat here on Tuesday. However, the FPCCI President Atif Ikram Sheikh along with his team came downstairs of the Q Block after holding three hours parleys with the Finance Minister and his team and announced that the committee was established to resolve all outstanding issues so there would be no strike on July 19. During his media talk, the President of Lahore Chamber of Commerce and Industries stated that they would observe strike on July 19 and many other chambers would also observe this strike. They were of the view that till deferment of different clauses of Finance Act 2025 they would not withdraw their announced strike call. 'We will go for strike' said the President of Lahore Chambers of Commerce and Industry (LCCI) outside the Q Block. The government has already enacted Finance Act 2025 after seeking assent of the Parliament and then President of Pakistan and under the IMF program the reversal of steps seems difficult, said the FBR sources. According to Ministry of Finance statement, a high-level meeting was held in Islamabad under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb with representatives of Pakistan's business community, chambers of commerce, and traders' associations to discuss concerns related to Section 37A and other provisions introduced under the Finance Act 2025. During the meeting, Minister for Finance assured the business community of the government's full cooperation and transparency, emphasizing that the objective is solely to prevent large-scale tax fraud and there was no intention to harass legitimate and honest businesses. It was decided in the meeting that a committee would be formed under the Chairmanship of Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production. The committee will also include Minister of State for Finance Bilal Azhar Kayani, PM's Coordinator on Trade Rana Ehsan Afzal Khan, FBR Chairman Rashid Mehmood Langrial, and representatives nominated by the business community and chambers of commerce. The committee will hold detailed deliberations over the next 30 days and present a consensus-based and workable solution to the Prime Minister and the federal cabinet. The business community openly shared their concerns and suggestions during the meeting, and the government expressed its commitment to take all stakeholders into confidence. It was agreed that every effort would be made to address traders' concerns related to transactions and to avoid causing any difficulties for the business community. Copyright Business Recorder, 2025
Business Recorder
21 minutes ago
- Business Recorder
Payments to Chinese IPPs: PQEPC seeks help of Aurangzeb
ISLAMABAD: Port Qasim Electric Power Company Private Limited (PQEPC) has formally approached Finance Minister Senator Muhammad Aurangzeb, seeking urgent release of funds to the Central Power Purchasing Agency–Guaranteed (CPPA-G) for onward payment to Chinese Independent Power Producers (IPPs). Currently, the outstanding dues owed to Chinese IPPs stand at approximately Rs 480 billion. A portion of this amount is expected to be paid before Prime Minister Shehbaz Sharif's upcoming visit to Beijing, as a gesture to reassure Chinese stakeholders. In a letter to the finance minister, PQEPC's Chief Executive Officer, Wang Dongfang, emphasised that the 1,320 MW Port Qasim Coal-Fired Power Project—developed under the China-Pakistan Economic Corridor (CPEC)—has consistently supplied clean, reliable, and cost-effective electricity to the national grid, even during the COVID-19 pandemic. Chinese IPPs face Rs500bn in unpaid dues He noted the project's active contribution toward mitigating circular debt. According to Wang, the total outstanding dues for the Port Qasim project have reached Rs 87.5 billion (approximately $308.2 million) as of June 30, 2025. These payments have been delayed by over six months and risk further escalation. The CEO warned that the shareholders and sponsors from China and Qatar have expressed deep dissatisfaction over the growing payment backlog, and have urged the government of Pakistan to take immediate action to reduce the outstanding amount. He also pointed out that the current situation legally entitles PQEPC to suspend operations under Section 9.10 of the Power Purchase Agreement (PPA), without incurring any liquidated damages. Wang emphasised that the project enjoys a comparative advantage in Energy Purchase Price (EPP) tariffs when compared to oil- and RLNG-based power plants. A suspension of operations, he cautioned, would be a 'lose-lose' scenario for both parties and must be avoided through timely payments. He further warned that failure to settle dues could result in a breach of the Loan Agreement and default under the Government of Pakistan's Sovereign Guarantee, jeopardizing the country's financial credibility and investor confidence. Given the critical nature of the situation, Wang has requested the finance minister's intervention and coordination with relevant authorities to expedite financial support to CPPA-G, enabling it to clear outstanding dues to the Port Qasim project at the earliest. The Finance Ministry typically releases Rs 5 billion per month to CPPA-G through an escrow account, set up in coordination with Chinese authorities, for the payment of energy costs to Chinese IPPs. Copyright Business Recorder, 2025
