Sugar Prices
Just months after a temporary respite, Pakistani consumers find themselves grappling with yet another surge in sugar prices, a phenomenon attributed to the influence of the notorious “sugar mafia” and mill owners in the market.
In a swift three-day period, the wholesale price of sugar has skyrocketed by a staggering Rs 12 per kilogram, raising serious concerns about the government’s control over market dynamics and the impact on ordinary citizens.
Reports suggest a resurgence in activity among sugar hoarders and speculators, artificially inflating prices to maximize their profits. The wholesale price per kilogram has surged from Rs 120 to Rs 132, marking a substantial 10% increase in a remarkably short timeframe.
Consumers are immediately affected, with a 100 kg bag of sugar now priced at Rs 13,200. Shopkeepers attribute this alarming rise to illicit collaboration between sugar mill owners and major sugar dealers. Wholesale trader Muhammad Shafqat underscores the worrisome trend, noting a Rs 16 per kg increase in the Chinese wholesale rate within the first eight working days of the month. These ripple effects are now reaching consumers at the retail level.
Stakeholders within the sugar industry express grave concerns about the government’s apparent inability to control the situation. Despite the recent crushing season, the cost of sugar remains a significant challenge. Moreover, the demand from sugar mill owners to permit sugar exports further exacerbates the ongoing price hike.
This renewed surge in sugar prices lays bare the vulnerabilities within the Pakistani economy and the deeply entrenched power dynamics of the sugar mafia. With each price hike, consumers bear the brunt of a system plagued by profiteering and a lack of effective regulation, highlighting the urgent need for comprehensive reforms in the country’s sugar industry.
