Control Over Sugar Stockist

Control Over Sugar Stockist
2010-02-10

Government announces extension of control over sugar stockist till September
Our Bureau, New Delhi, http://www.fnbnews.com/

The government has announced extension of the state's control over sugar stockists till September as a proactive step in restricting the increase of sugar prices which rose by Rs 200 a quintal in Delhi recently.

The state control would clamp down on hoarders and cartels who play a major role in price rise. The government has also asked millers to release the commodity every week.

To ensure sugar availability throughout the month and end cartelisation, the government ordered sugar millers to release the sweetener in four weekly installments instead of doing it at the end of the month, which is the current practice being followed.

"The sugar mills shall sell and dispatch non-levy quota released for February on a weekly basis in four installments," an official statement said.

During the first week, mills have to sell 20 per cent of their monthly allotted quota, 30 per cent in the second week and 25 per cent each in the next two weeks. Before the announcement was made, both wholesale and ex-mill prices of sugar jumped by Rs 200 to Rs 4,275 from Rs 4,075 a quintal respectively in Delhi. However, in Mumbai, it slid by Rs 10 to Rs 4,130 a quintal.

Government officials said splitting the quota into weekly basis had been made as withholding the monthly quota till the last moment for releasing into the open market was one of the factors for the recent spurt in sugar prices.

Many mills defaulted in selling the entire allotted quantity in December that led to the government impounding 3.6 lakh tonnes and putting it for sale through the public distribution system at cheaper rate.

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