Karachi:
The growing pressure of the stakeholders of the industry and demands an offensive against hoarding has stopped the recent increase in sugar prices, with retail rates and wholesalers who show signs of decrease.
According to Abdul Rauf Ibrahim, president of the Grocers wholesale association, the retail price of sugar has decreased from RS200 to RS195/kg in recent days. Similarly, the wholesale price has fallen from RS185 to a range of RS178-180/kg.
Rauf attributed prices correction to the growing scrutiny about speculative hoarding. He affirmed that around 2.6 million tons of sugar on the market are currently being delayed for profits and smuggling.
Rauf also warned against the proposals of sugar imports, saying that national production is sufficient to meet local demand. He warned that importing sugar at this stage would be economically harmful, which could cost the country more than $ 265 million in currencies at a time of severe fiscal tension.
