The Competition Commission of Pakistan has imposed a record fine of 44 billion Pakistani rupees (US$265 million) on the Pakistan Sugar Mills Association and 55 sugar mills for anti-competitive practices, Business Recorder reported. The association and the sugar mills have been accused of forming cartel and engaging in anti-competitive activities.
Related: Pakistan Watchdog Goes After Sugar Cartel
In 1029 the Prime Minister Imran Khan assured the nation that in the future, the government will not allow the sugar cartel to tamper with prices as he addressed rising inflation in the country.
In his address, Prime Minister Imran said that it was “unfortunate” that there was a sugar cartel in the country, adding that the Competition Commission had disclosed the practice and the government had taken steps to ensure that the industry does not manipulate the prices in future.
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