As Ramazan draws near, sugar prices have soared across Pakistan, causing frustration among consumers and raising calls for accountability from shopkeepers. In the past week, the price of sugar in Lahore surged by Rs12 per kilogram, with the wholesale cost of a 50kg sugar bag jumping from Rs6,800 to Rs7,400. This spike has pushed the wholesale price of sugar from Rs136 to Rs148 per kg.
In Karachi, the situation is no better. Retail sugar prices have escalated to Rs150 per kg, with a Rs20 per kg increase in just 10 days. Sugar dealers report that the price of a sugar sack rose by Rs500 in one day. Speculation and market manipulation are suspected to be driving the prices higher, with fears that the cost of sugar may reach Rs170 per kg during Ramazan.
Sugar speculators, particularly in cities like Lahore, Karachi, Peshawar, and interior Sindh, are using online platforms like WhatsApp to coordinate trades after market hours, further inflating prices. Despite claims of sufficient sugar stocks due to the ongoing sugarcane crushing season, speculators are allegedly fueling the price hikes by linking them to exports and smuggling.
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Experts suggest that with stronger regulatory measures and swift interventions, including possible raids by the Federal Investigation Agency (FIA), sugar prices could drop significantly. Public demand for action is growing, as citizens seek relief from rising prices ahead of the holy month. Authorities are under increasing pressure to rein in the sugar mafia and stabilize prices, ensuring consumers are not burdened during Ramazan.