Sugar hits Rs63/kg in wholesale market

KARACHI (Nida Sidiqui): Sugar price has raised further by Re1 per kg in the local wholesale market on Monday, ARY News reported.

Traders told the channel that the sugar price in the wholesale market is now tagged at Rs63 per kg which was earlier being sold at Rs62 per kg.

The sugar millers have attributed recent price increase to the expensive sugarcane supply by the farmers.

“The farmers have increased their crop rates significantly, which is far beyond the agreed support price by the provincial government,” said a sugar miller.

However, the farmers say that the millers are minting money by selling expensive commodity as they have huge stocks in hand.

“They (sugar millers) are not consistently buying sugarcane from the farmers,” alleged an office-bearer of a farmers’ representative body, requesting not to be named.

The sugar has become costlier by Rs3 per kg in the last one week amid its short supply in the markets, traders informed the channel.

On the retail end, the sugar is ranging between Rs65 to Rs70 per kg for the consumers as the market regulators have failed to take notice of the situation.