Sugar prices crisis brewing


From Zeeshan Mirza

KARACHI: After the wheat flour shortage that has jacked up prices of the commodity another crisis is brewing with hike in sugar prices due to shortage of the commodity. Sugar, an essential ingredient in Pakistani cuisine, has registered 10 rupees per kilogram in past one week, the wholesale rate of the commodity has rose from Rs64 to Rs74 per KG and an acute shortage surfaced in the country. Lahore’s sugar traders association officials, have claimed that the ‘speculation mafia’ has sparked the hike in sugar prices. The commodity is being sold in Lahore at Rs 80 per KG. It has become difficult for common man to buy sugar. Sugar prices shot up to as high as Rs64 per kilo in past 15 months. According to reports, prices of sugar have also skyrocketed with eight to 10 rupees per KG in Faisalabad. The price of a bag of 100 kilo sugar has increased by 300 rupees in city, Karachi’s wholesale traders claimed. Meanwhile, industry sources have claimed that hoarding of the commodity and speculation trade triggered the hike in sugar price in the country.