ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar announced on Wednesday that the retail price of sugar would be capped at Rs164 per kilogram, while its ex-mills price would be kept below Rs159 per kilogram.

This decision comes in response to rising sugar prices, which had reached an unmanageable high of Rs178-179 per kilogram in recent days. Ishaq Dar chaired a meeting to review sugar pricing, during which various measures to control and stabilize prices were discussed. He assured the public that there was no sugar shortage in the country, nor would there be one in the foreseeable future.

He acknowledged the recent surge in prices but emphasized that such spikes were "not tolerable" and needed to be addressed immediately.To further regulate the sugar market, Dar announced the formation of a sub-committee, headed by Minister for National Food Security and Research, Rana Tanveer Hussain.

This sub-committee is tasked with submitting its feedback within one month to determine the real cost of sugar and provide recommendations on how to control its price more effectively. In parallel, Prime Minister Shehbaz Sharif had earlier formed an Inter-Ministerial Committee (IMC) to examine regional models for the import of raw sugar for re-export of refined sugar. This committee is charged with formulating a comprehensive strategy to address the ongoing sugar pricing issue. PM Shehbaz Sharif also directed relevant authorities to launch a crackdown against hoarders and those involved in price manipulation.

Taking notice of the artificial shortage of sugar and the unjustified price hike, the Prime Minister emphasized that no one would be allowed to manipulate prices, especially during the holy month of Ramadan. He made it clear that the government would not tolerate any speculation or hoarding practices that artificially inflate sugar prices.The sugar price crisis has been a contentious issue in Pakistan for several months, with rising prices putting a strain on consumers, particularly during the fasting month of Ramadan. The government's actions, including capping sugar prices and targeting hoarding and price manipulation, are aimed at ensuring that the commodity remains affordable and accessible to the public.

This initiative reflects the government's commitment to stabilizing essential commodity prices and addressing the challenges faced by ordinary citizens. As the sub-committee works on its recommendations, the government hopes to bring long-term stability to sugar prices in the country.