As Ramazan approaches, sugar prices have skyrocketed across Pakistan, leaving citizens distressed and shopkeepers demanding accountability.
Over the past week, the price of sugar in Lahore has increased by Rs12 per kilogramme, with the wholesale price of a 50kg sugar bag climbing from Rs6,800 to Rs7,400. The price of sugar per kg has now increased from Rs136 to Rs148 in Lahore's wholesale market.
The per-kg rate of sugar has increased from Rs150 in the retail market.
Karachi market
In Karachi's retail market, sugar is now being sold at Rs150 per kg, with citizens bearing the brunt as prices surged by Rs20 per kg in just 10 days. On Friday, the price of a sack of sugar hiked by Rs500, claimed a dealer.
The sugar mafia has once again challenged the government’s authority, causing sugar prices to surge across the country. Prices are rising by the hour, with the mafia allegedly orchestrating a pre-Ramazan price hike to push the cost of sugar to Rs 170 per kilogramme during the holy month.
In just 10 days, the price of a 100kg sack of sugar has increased by Rs2,000. This month alone, the price per sack has risen by Rs2,500, translating to a Rs25 increase per kg. In Karachi’s wholesale market, Jodia Bazaar, the price of sugar has reached Rs144 per kg, while retail prices across the country have surpassed Rs150 per kg.
Sugar speculators are actively manipulating prices in major cities like Lahore, Peshawar, Karachi, and interior Sindh. Large-scale speculators are using WhatsApp groups to trade sugar after physical markets close, conducting transactions and increasing the price late into the night.
Samaa TV has obtained screenshots and phone numbers of these speculators.
Sugar dealer Qurban Ali Shah said that despite the ongoing sugarcane crushing season and claims of ample sugar stocks, dealers argue that speculation is being fuelled under the guise of export and smuggling. On Friday alone, the price of a sugar sack increased by Rs500 in a single day.
They claim that with proper regulation and intervention, such as Federal Investigation Agency (FIA) raids, sugar prices could drop by at least Rs10 per kg overnight.
Public circles are urging authorities to take swift action to rein in the sugar mafia and ensure stable prices ahead of the holy month.
