Punjab Cane Commissioner Abdul Rauf imposed a ban on stocking sugar for more than 3 days in factory warehouses to curb artificial price hikes in the market from the stockists.
According to the Gazzetta Notification issued here on Monday, this order of the cane commissioner shall come into force immediately and shall remain in force till 30°’ November 2023.
The cane commissioner ordered the occupiers of the sugar mills and the buyers of sugar who bought the product more than 15 days before the issuance of this order, shall lift the said item from the warehouse of the sugar mills within three days and no occupier of the sugar factory shall allow the keeping of sugar above beyond three days.
He ordered that every occupier of a sugar factory shall communicate to the Deputy Commissioner of the concerned district the futures contracts for sugar and no buyer shall keep and no occupier of the sugar factory shall allow to be kept sugar bought through a futures contract in the warehouse of the factory for more than 15 days.
In the notification, the cane commissioner said there are reports of unprecedented increases in the prices of sugar.
The sugar prices rose from Rs100 per kilogram in the month of April 2023 to Rs155 per kg in the last week of July 2023.
There is no plausible reason for this price-hike as the mills completed the crushing of sugarcane In the month of March 2023 and sugar was sold In the month of April at Rs99 per kilogram after accounting (or the cost of production and profit margin of sugar mills etc.
