Sugar price reduced by Rs 5 per kg at Utility Stores

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Wednesday reduced the sugar price at Utility Stores Corporation’s outlets by Rs 5 per kilogram.

While reviewing the key indicators of the economy, the ECC was informed that the sugar price had fallen in the market.

The ECC, held here under the chairmanship of Federal Minister for Finance Senator Mohammad Ishaq Dar, expressed satisfaction over the current stock position of sugar.

It noted that 99.93 percent dues of the sugar cane growers had been paid in Punjab, 99.88 percent in Sindh and 100 percent in Khyber Pakhtunkhwa and that due to bumper crop there was likely to be a surplus position in the country.

The ECC, on a summary moved by the Ministry of Commerce, extended the period of export of 500,000 tons till February 28, 2014.

It directed the Ministry of Commerce to clear 50 percent of the claims of sugar exporters against inland freight subsidy.

The Minister for Food and Natural Security informed the ECC that there was a bumper production of potatoes in the country and the prices of potatoes had shown a decrease of over 15 percent.

The ECC was also informed that average price of DAP which was Rs 4000 last year remained Rs 3500 per bag this year.

On the revenue side, the Chairman Federal Board of Revenue (FBR) told the ECC that it had collected Rs 806 billion till November 30, which is 17.5 percent more as compared to the corresponding period last year.

The ECC granted extension of two weeks time to a committee constituted to draft Auto Industry Policy.

The meeting was attended by Minister for Information and Broadcasting, Senator Pervez Rashid, Minister of Food and National Security Sikandar Bosan, Minister for Commerce Khurram Dastagir, Minister for Science and Technology, Zahid Hamid, Minister for Science and Technology, Murtaza Jatoi, Minister for Industries, Minister of State for Information Technology Ms. Anusha Rehman and senior officials of government.