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Business Recorder
12 hours ago
- Business
- Business Recorder
Surge in sugar prices: PAC seeks records of all sugar mill owners, exporters again
ISLAMABAD: The Public Accounts Committee (PAC) has sought records of all sugar mill owners and exporters again, aiming to investigate the underlying causes of the nationwide surge in sugar prices. Junaid Akbar chaired the meeting of the PAC. The members committee showed serious concerns over the sudden raise in sugar prices as the commodity is being sold at Rs 210 per kg in Karachi and Rs 215 in Haripur, while the average price is at Rs 173 per kg nationwide. New official sugar prices notified for Karachi The officials of the Ministry of Industries hesitated to disclose the sugar mill owners, forced the chairman committee to issue directives for submission of names and directorship of sugar mills. The PAC chairman warned that a privilege motion would be moved in case the list was not submitted shortly. The secretary for Food Security also faced strong criticism for allegedly presenting inaccurate data of sugar production, export and prices. According to the data provided by the Ministry of Industries, 5.09 million tons of sugar approved for export in last 10 years but only 3.927 million tons were actually exported, earning over $400 million in foreign exchange. Officials stated that Pakistan produced 7.66 million metric tons of sugar last year, with 1.3 million metric tons in surplus. Of that, 500,000 tons were reserved for the next year, while the government approved the export of 790,000 tons in three phases. At the time of export, the local market price of sugar was Rs143 per kg, which has now jumped to Rs 173. The lawmakers criticised the ongoing cycle of sugar export and import, calling it a decade-long deception. Members committee Riaz Fatyana and Muhammad Arshad alleged that the nation was defrauded of Rs 287 billion due to the manipulated price hike and artificial shortages. Junaid asked the officials why sugar mills were awarded export subsidies and the reason behind the sudden issuance of SROs granting tax exemptions. Moin Pirzada accused the government of looting the nation and blamed the Sugar Advisory Board for corruption, calling the sugar mafia an integral part of the government. The committee was apprised that the prime minister formed a committee led by Deputy Prime Minister Ishaq Dar to probe the matter. Copyright Business Recorder, 2025
Business Recorder
13-07-2025
- Automotive
- Business Recorder
Hybrid Electric Vehicles in Pakistan: ‘Industry must think seriously about affordability'
As Pakistan unveils its long-awaited New Energy Vehicle (NEV) Policy 2025–30, aimed at reducing emissions and fuel dependence, voices from within the auto industry are calling for a shift in how new technologies are priced and positioned in the market. In a recent interaction with media in Lahore, Syed Asif Ahmed, General Manager Marketing Division at MG Motors, said that while the policy is a step in the right direction, the local Hybrid Electric Vehicle (HEV) market remains largely unaffordable and does not pass on the benefits of technological advancements to the average Pakistani consumer. 'HEVs in Pakistan have become a luxury for a niche market,' Ahmed remarked. 'Despite policy support, the real advantages have not trickled down to car buyers.' He noted that the most expensive HEV SUV in Pakistan, a seven-seater, carries an ex-factory price tag of Rs 16 million, while five-seater variants range from Rs 9.6 to 12 million. 'The industry must think seriously about affordability,' he added, 'and consider shifting toward Plug-in Hybrid Electric Vehicles (PHEVs), which are better suited for urban use and offer real electric range.' Unveiled by the Ministry of Industries, the NEV Policy 2025, 30 introduces official classification for EVs, PHEVs, and hydrogen-powered vehicles as 'New Energy Vehicles', in line with global standards. Ahmed was also critical of how earlier tax incentives were structured, allowing traditional hybrids to be labelled as 'New Energy Vehicles', primarily to benefit large automotive players. 'Unfortunately, these subsidies neither helped the environment nor the people. They only benefited the principal companies and their local partners.' In contrast, PHEVs offer a more meaningful alternative, with pure EV driving capabilities for daily urban commutes and hybrid flexibility for long routes, helping tackle the range anxiety often associated with EVs. MG Motors has taken the lead with the introduction of Pakistan's first locally assembled Plug-in Hybrid SUV, the MG HS PHEV. It features a 16.6kWh lithium-ion battery offering over 52 km of electric-only range, combined with a 1.5L turbocharged engine to deliver 260 HP and 370 Nm of torque, achieving 0–100 km/h in just 7.1 seconds. Priced under Rs 10 million, Ahmed described the MG HS PHEV as 'the best value-for-money vehicle in its class,' offering advanced tech, performance, and fuel economy. Asif informed that MG has sold more than 16,000 vehicles in the Pakistani market so far, out of which approximately 2000 were Plug In Hybrid vehicles (PHEV), as Pakistani customers are realising the true economic benefit of PHEV as it's a perfect urban mobility option for urban consumers. He says, despite the changing trend of converting to PHEV from HEV, Pakistani consumers have just one choice in the shape of MG HS PHEV, although having better technology, but still placed lower than most hybrids in Pakistan. Asif said that MG leads specification leadership in Pakistan. All automakers now follow the global specs MG introduced in MG HS in both CBU & CKD. MG vehicles have crossed approximately 350 million miles since its launch in Pakistan in 2021, and MG HS has successfully tested for Pakistan's fuel, terrain (road), and weather conditions, he added. Asif said the vehicles in Pakistan are still expensive. Globally, hybrid vehicles deliver financial value when their purchase price does not exceed more than 10% of the cost of an equivalent petrol vehicle. However, this benchmark is not practised in the Pakistani market. Here, the price gap between hybrids and their petrol counterparts is significantly wider averaging around 45%. For example, a C SUV hybrid vehicle costs up to Rs 12 million, while similar C SUV conventional petrol cars cost Rs 8.0 million. In Pakistan, the difference in price between hybrid and conventional petrol cars is approximately 4.0 million in the C SUV category. While Pakistan's NEV policy sets a progressive roadmap, industry execution remains key. With more PHEV models expected to enter the market, the question remains will automakers use these incentives to empower consumers, or repeat the hybrid playbook of high margins and minimal environmental gains? 'The potential is enormous,' Ahmed concluded. 'But only if we prioritize real consumer value and environmental impact, over short-term profits.'
Express Tribune
12-07-2025
- Automotive
- Express Tribune
Industry demands shift in hybrid vehicle market
Listen to article As Pakistan unveils its long-awaited New Energy Vehicle (NEV) Policy 2025-30, aimed at reducing emissions and fuel dependence, voices from within the auto industry are calling for a shift in how new technologies are priced and positioned in the market. In a recent interaction with media in Lahore, Syed Asif Ahmed, General Manager Marketing Division at MG Motors, said that while the policy is a step in the right direction, the local Hybrid Electric Vehicle (HEV) market remains largely unaffordable and does not pass on the benefits of technological advancements to the average Pakistani consumer. "HEVs in Pakistan have become a luxury for a niche market," Ahmed remarked. "Despite policy support, the real advantages have not trickled down to car buyers." He noted that the most expensive HEV SUV in Pakistan – a seven-seater – carries an ex-factory price tag of Rs16 million while five-seater variants range from Rs9.6 to Rs12 million. "The industry must think seriously about affordability," he added, "and consider shifting towards Plug-in Hybrid Electric Vehicles (PHEVs), which are better suited for urban use and offer real electric range." Unveiled by the Ministry of Industries, the NEV Policy 2025-30 introduces the official classification for EVs, PHEVs and hydrogen-powered vehicles as "New Energy Vehicles", in line with global standards. Ahmed was also critical of how earlier tax incentives were structured, allowing traditional hybrids to be labelled as NEVs, primarily to benefit large automotive players. "Unfortunately, these subsidies neither helped the environment nor the people. They only benefited the principal companies and their local partners." In contrast, PHEVs offer a more meaningful alternative, with pure EV driving capabilities for daily urban commutes and hybrid flexibility for long routes, helping tackle the range anxiety often associated with EVs. MG Motors has introduced Pakistan's first locally assembled Plug-in Hybrid SUV – the MG HS PHEV. It features a 16.6 kWh lithium-ion battery offering over 52 km of electric-only range, combined with a 1.5L turbocharged engine to deliver 260 HP and 370 Nm of torque, achieving 0-100 km/h in just 7.1 seconds. Priced under Rs10 million, Ahmed described the MG HS PHEV as "the best value-for-money vehicle in its class," offering advanced tech, performance and fuel economy. He informed the media that MG has sold more than 16,000 vehicles in Pakistani market so far out of which approximately 2,000 were PHEVs.
Business Recorder
01-07-2025
- Business
- Business Recorder
SAPM to visit Russia from 5th
ISLAMABAD: To take up the matters related to the revival of Pakistan Steel Mills (PSM) or construction of a new steel mill in Karachi a high-level delegation led by Special Assistant to the Prime Minister (SAPM) on Industries and Production is to visit Russia from July 5, 2025. According to the Ministry of Industries spokesperson, over the past one year a number of Russian delegates visited the Ministry of Industries and offered consideration of the revival of PSM or construction of a new steel mill in Karachi. The official said that a Russian delegation led by Denis Nazarov called on the SAPM on Industries and Production, Haroon Akhtar Khan, here on Monday. Both sides discussed matters related to exploring investment opportunities, industrial cooperation and enhancing bilateral relations. The purpose of the visit is to hold discussions on strategic cooperation, attract foreign direct investment (FDI), and explore technical collaboration for the rehabilitation of PSM. The two sides discussed avenues for enhancing bilateral cooperation, particularly focusing on the revival of PSM and exploring new investment opportunities in Pakistan's industrial sector. During the visit, Haroon Akhtar Khan will meet with prominent Russian investors and companies to promote investment in Pakistan's industrial and infrastructure sectors. This visit underscores the Government of Pakistan's commitment to industrial revival and fostering international economic partnerships for sustainable development. The primary focus of the discussion was the establishment of new steel mills in Pakistan and both parties engaged in extensive talks on the potential collaboration between Pakistan and Russia in setting up a new steel mill in Karachi. The two countries agreed to form a joint working group to facilitate the development and implementation of this initiative. Akhtar Khan emphasised the prime minister's vision to increase investments in Pakistan. He highlighted that this is an opportune time for foreign investors to invest in the country, noting that Pakistan has evolved as a strong and safe destination for international investment and business. 'Pakistan is a secure and thriving hub for investment, and the international community has recognised its potential,' said Khan. He also extended an invitation to all Russian businesspeople to explore investment opportunities in Pakistan. The meeting also marked an important step in further strengthening the ties between the two nations and opening new avenues for joint ventures in key sectors such as steel production. Copyright Business Recorder, 2025
Business Recorder
25-06-2025
- Automotive
- Business Recorder
2.2m EVs to ply on the roads by 2030
ISLAMABAD: The government has planned to take the number of Electric Vehicles (EVs) plying on the roads by 2030 to 2.2 million aiming at dealing with climate change-related issues especially smog in Punjab, reducing petroleum products import bill by at least $1 billion annually and improving public health. This was stated by Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, during a meeting with the importers of used cars here on Tuesday. Khan said 'the new Auto Policy 2026 will make it easier to import used and electric vehicles and policy aims to boost competition in Pakistan's car market by improving access to foreign cars.' During the meeting, the discussion focused on key areas including the upcoming Auto Policy 2026, import and export issues, and additional customs duties. SAPM Khan recognised the Car Dealers Importers Association as a vital stakeholder in the consultation process for policy formulation. He reiterated that the government's vision emphasises promoting a liberalised and competitive import mechanism for vehicles in Pakistan. 'Open competition in car imports will create pressure on local manufacturers to improve and expand into exports,' stated Khan. He added that in order to ensure the quality of used car imports, the government will implement mandatory registration and certification procedures. Highlighting the shift towards sustainable transportation, Khan stated that Pakistan is moving away from petrol-based vehicles towards environmentally-friendly alternatives. In line with the government's directives, the Ministry of Industries has introduced a comprehensive National Electric Vehicle (NEV) Policy 2025–2030. Under this policy, Pakistan aims to convert 2.2 million vehicles to electric by the year 2030, he said, adding that the promotion of electric vehicles is crucial for reducing smog and improving public health. The SAPM said that promotion of EVs will not only prove cost-effective but will also be beneficial for the environment; consequently it will help improve the health of the people of Pakistan. During the meeting, the Car Dealers Importers Association assured the ministry that they will submit detailed proposals to support the policy process. SAPM Khan assured the association that the government will carefully review their suggestions and extend full cooperation. Copyright Business Recorder, 2025
