ISLAMABAD, Feb 18: The government has failed to check the rising sugar prices in the country, said Islamabad Chamber of Commerce and Industry (ICCI) President Abdul Rauf.

In a statement issued on Saturday, he said it was disappointing to note that sugar shortage was turning into a serious issue in spite of government initiatives.

He said it seemed that sugar shortage was a deep conspiracy to jolt Pakistan’s economy.

With the starting of crushing season, disputes arose between mill owners and sugarcane growers over the prices. In Punjab and Sindh, mill owners bought sugarcane according to the prices announced by the government.

All mills took loans from the banks to increase capacity for further storage of sugar stock as only Pakistan Agriculture Supplies Organization, the food department and sugar mills have the high storage capacity all over the country, while the private sector is unable to dump large amount of sugar.

The ICCI president said the prime minister had issued directives to Trading Corporation of Pakistan (TCP) to immediately import duty-free sugar with the beginning of sugarcane prices disputes, but the TCP failed to open tenders, which should be probed by the government.

Mr Rauf said the Monopoly Control Authority (MCA) was responsible to control such situations, but it also failed.