Confectioners decry surging sugar prices

Confectioners decry surging sugar prices

Confectioners decry surging sugar prices KARACHI: The surging sugar price has upset various export-oriented industries as their input costs have increased significantly.

The retail price of sugar increased to Rs70 per kg from Rs63-65, owing to increases in wholesale prices. Pakistan Biscuit and Confectionery Manufacturers Association Senior Vice-Chairman Raees Ahmed in a letter asked Finance Minister Ishaq Dar to withdraw the 40 per cent regulatory duty on sugar import which was the sole reason for high domestic prices. The protection given to sugar mills by fiscal measures is unprecedented and should be withdrawn forthwith, he added.

Industries which use sugar cannot sustain such high prices and will have to shut their operations, rendering substantial layoffs and a loss of foreign exchange.

Source: http://www.dawn.com/news/1272492/confectioners-decry-surging-sugar-prices

 

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