Sugar
Pakistan: People suffer as sugar price rises to Rs. 185
People in Pakistan continue to face trouble as the price of sugar has touched Rs. 185 in the country, media reports said.
The price continued to move upwards even after the Economic Coordination Committee (ECC) on Monday directed relevant agencies to check the hoarding and smuggling of sugar.
Market traders told Dawn News it seems sugar continued to be smuggled to Afghanistan through informal channels followed by unabated hoarding and speculation. Rising prices appear surprising as sugar stocks in the country stood at 2.27m tonnes.
Pakistan’s sugar export during FY23 stood at 215,751 tonnes fetching $104m against nil exports in FY22. Exports during July were 5,542 tonnes earning $3.4m as compared to zero exports during July 2022.
The government had allowed the export of 250,000 tonnes of sugar in January based on the undertaking by the Pakistan Sugar Mills Association (PSMA) that sugar rates would not rise above Rs 85-90 per kg (ex-mill) for FY22 stocks.
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