Record Sugar Price Surge in Pakistan Triggers Concerns
In a concerning development, Pakistan has witnessed an unprecedented surge in sugar prices, setting a new record. The wholesale market in Karachi experienced a staggering increase of 6 rupees per kilogram within just one hour.
Reports indicate that the price of sugar has hit an all-time high, reaching 163 rupees per kilogram. This surge has also impacted fine sugar, which saw a notable increase of 5 rupees and 50 paise.
Chairman of the Wholesale Grocers Association, Rof Ibrahim, highlighted that the price of fine sugar has now reached an unprecedented level of 160 rupees and 50 paise per kilogram. Meanwhile, the retail market has also witnessed an alarming escalation, with sugar prices reaching an all-time high of 170 to 180 rupees per kilogram.
The market has experienced a continuous uptick in sugar prices over several hours, leaving even wholesalers struggling to procure sugar at reasonable rates.
This recent surge follows an ongoing trend of escalating sugar prices. Since August 1st, the price per kilogram has increased by 21 rupees. If this pattern persists, experts warn that the “century mark” for sugar prices might not be far off. The hoarding of sugar has further fueled this upward price trajectory.
Government Responds with Sugar Import Restrictions
To address the situation, Pakistan’s Economic Coordination Committee (ECC) has taken action. Under the leadership of Dr. Shamshad Akhtar, Adviser to the Prime Minister on Finance, the ECC convened to deliberate on the issue. The committee decided to impose restrictions on sugar imports.
The move aims to alleviate pressure on local prices, which have been severely impacted by the surge in sugar prices. Last fiscal year saw a substantial sugar import of 215,751 metric tons. In stark contrast, the current fiscal year’s imports for July only reached 5,542 metric tons.
The decision to restrict sugar imports reflects the government’s efforts to stabilize the market and ensure that sugar remains affordable for the general public. As the nation navigates this challenge, attention remains focused on finding effective solutions to curb the ongoing rise in sugar prices.
