Govt halves bulk sugar stock limit to 15 days as prices surge
Government halves bulk sugar stock limit to 15 days as prices surge 20% ahead of festive demand. It has also ordered mills to report detailed sales, buyer and price data for August 17-19 to monitor hoarding and market activity. Authorities are assessing whether sugar imports are needed to ease the supply squeeze.
The Indian government has reduced the stockholding limit for bulk sugar consumers to 15 days, as it intensifies efforts to curb record prices that are surging ahead of the festive season. This decisive action was announced late Wednesday and came with an urgent directive for sugar mills to report sales, buyers, and price levels between August 17 and 19, following a sharp increase of around ₹10 per kg, or 20%, in ex-mill prices over the last four to five days.
New Delhi is tightening market oversight due to fears of hoarding and a severe supply shortage, while also considering the possibility of importing sugar to alleviate the shortage, according to industry executives. The Ministry of Consumer Affairs, Food and Public Distribution issued the urgent directive, requiring sugar mills across the country to submit detailed sales records for the specified dates.
Sugar mill executives are instructed to report each transaction individually, providing comprehensive details such as the sale date, quantity sold in quintals, price per quintal, and extensive buyer information including name, address, phone number, and GST identification, as per the latest order from the Directorate of Sugar & Vegetable Oils.
The authorities emphasized that the order is of the utmost urgency, setting a strict deadline for the submission of the data on Thursday. This order is more than just a data request; it aims to provide real-time surveillance of prices and transactions, offering the government a clearer and more accurate picture of the current market situation.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
