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Islamabad: After the direction of Prime Minister Shehbaz Sharif, the federal government on Friday announced to ban on the export of sugar, saying the ban would drop sugar prices and provide relief to the people.
The decision was made in the session chaired by Prime Minister Shahbaz Sharif. During the meeting, PM took notice of the increase in sugar prices and directed the authority concerned to ban the export of sugar forthwith.
Sources say that the ban would be in place for the rest of the year, the country has enough reserves to fulfill its needs for the rest of the year.
The Prime Minister has decided to ban sugar exports despite having excess reserves.
In a statement issued by the Ministry of Industry and production, the govt had clarified that the price of sugar has not been increased. The news reports about the increase are false, there has not been such a change in prices as mentioned in the reports.
They added that government teams surveyed markets in Lahore, Karachi, and Islamabad and made sure that the retail price for sugar is Rs85 per kg and the wholesale price is Rs82 per kg.
The government has taken notice of stores that were reported to be selling sugar at Rs94 per kg, and adequate action will be taken against those involved.