On Monday, sugar prices in Karachi soared to an unprecedented all-time high, reaching Rs195 per kg as the weekly inflation trend continues to escalate. This alarming increase in the cost of the sweetener is causing concern among consumers and authorities alike.
In Karachi’s retail market, sugar is currently being sold at rates ranging from Rs185 to Rs195 per kg. While there has been a slight decrease in the wholesale market price, with sugar now priced at Rs178 per kg compared to the previous rate of Rs180, retailers are still charging significantly higher prices.
Rauf Ibrahim, Chairman of the Wholesale Grocers Association, has expressed his views on this situation. He attributes the soaring sugar prices to the actions of what he terms the "sugar mafia” and hoarders. According to Ibrahim, these entities have deliberately created an ‘artificial shortage’ of sugar and reduced its supply in the market.
This concerning development follows earlier claims and speculations regarding a shortage of sugar in Pakistan. However, the Ministry of Commerce and Industries has since refuted these claims. Ministry sources have clarified that Pakistan currently maintains a substantial sugar stockpile, exceeding 2 million metric tons. This quantity is deemed sufficient to meet the country’s sugar requirements until December, alleviating immediate concerns of a shortage.
The rising cost of sugar, an essential commodity in Pakistan, continues to impact household budgets and raises questions about the factors contributing to this surge in prices. The government and relevant authorities are closely monitoring the situation, as consumers and the public express their apprehensions over this critical issue.
