Pakistan Sugar Mills Association (PSMA) has said that sale of sugar by the sugar mills has come to almost halt due to uncertainty in the market emerging after the decision taken by economic co-ordination committee regarding unlimited duty free import of sugar. While addressing a meeting here on Tuesday, Chairman PSMA, Chaudhry Zaka Ashraf said that certain vested interest quarters among the traders and dealers, which are involved in speculative business, are spreading rumours about increase in sugar price.

According to him, the middlemen between the sugar mills and the sugar traders were not ready to opt fresh buying on account of fear of emerging surplus stocks due to unlimited duty free import of sugar in the country.

He said the ongoing uncertainty in the market has hit badly the confidence level of the middlemen involved in sugar business, which is not an encouraging sign for the growth of sugar industry as well as sugarcane growers.

He proposed that the government should immediately convene a meeting of the stakeholders and tally the production figures in order to assess the real sugar requirement in the country.

Copyright Business Recorder, 2005