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STC Allowed to Import Sugar in 1% Customs

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STC Allowed to Import Sugar in 1% Customs
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March 6: With the increasing shortage of sugar in the market for the past few days, the government has allowed Salt Trading Corporation (STC) to import 30,000 tonnes of sugar.

The Ministry of Finance (MoF) has given consent to the Corporation's proposal to import sugar on one percent of custom.

According to Surya Prasad Shrestha, Spokesperson of the Ministry of Supplies (MoS), the government allowed to import sugar on one percent of custom so as to control the price hike of sugar in the market. The MoF has allowed STC to import 30,000 tonnes of sugar out of the purchase proposal for 50,000 tonnes.

STC had submitted a proposal at MoS to import 50,000 tonnes of sugar at one percent of custom around two months before. But the import of sugar was halted as MoF had not given permission to import.

According to Shrestha, the Corporation will move ahead procedure after the cabinet meeting approves the proposal. Once the import is allowed, it will help control the price of sugar which is very high in the market now.

The sugar shortage was created due to MoF delaying the permit for the import of sugar. Nevertheless, the sugar price has been already hiked by the businessmen in the market. STC states that the delay by the ministry to permit the import on time has created the present situation.  The Corporation claims that it will import sugar by inviting global tender as soon as the proposal is approved by the Council of Ministers.

STC is importing the sugar on one percent customs to control the price. According to the Corporation, the country consumes 230,000 tonnes of sugar annually, of which, there is a compulsion to import 50 percent.

A source told that STC is selling sugar at Rs 79 per kg at present, but due to the shortage, it now costs up to Rs 95 per kg in the market. Some shopkeepers in the capital are selling it at a price as high as Rs 100 per kg. With the hike in sugar price, the government has also started market monitoring.

   

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