Pakistan, March 18 -- Prime Minister Shehbaz Sharif has formed a 10-member committee, led by Deputy PM Ishaq Dar, to negotiate sugar price reductions with the Pakistan Sugar Mills Association (PSMA). The move comes after sugar prices surged to Rs172 per kg, marking a Rs27 increase compared to last year. The government aims to stabilize prices, particularly during Ramazan, after allowing sugar exports, which contributed to the sharp rise.

The committee held its first meeting and informed millers that the production cost averaged Rs153 per kg, urging them to lower prices. However, sugar industry representatives requested time to consult stakeholders before making a commitment. Officials reported that a Rs1 per kg increase benefits millers ...