Pakistan
Pakistan: Sugar exports push retail price to Rs150 per kilogram
Sugar prices in Jodia Bazaar, Pakistan’s main wholesale commodity market, have further surged to Rs136-137 per kg on Saturday from Rs131-132 a few days back mainly due to an export-driven spike in demand.
The country's government has not shown any interest so far in dealing with the rising commodity prices in the country.
In less than 20 days, the wholesale rates have swelled by Rs19 per kg as speculators and hoarders have taken over the market, wholesalers and retailers told Dawn News.
According to the Sensitive Price Index (SPI) for the week ending on July 13, sugar retail price in Karachi was hovering at Rs138-150 per kg as compared to Rs128-135 in the preceding week ending June 22.
Country-wide sugar prices had also surged as the national average rate of sweetener rose to Rs135-150 per kg from Rs124-140 some 20 days back.
Faisal Anis Majeed, a commodity trader,told Dawn News the demand for sugar had been increasing after the government allowed in January sugar mills to export excess quantities to neighbouring and other countries.
He said the country has ample sugar stocks to meet demand for the next six months before the start of the new crushing season in October/November.
“Sugar mills are holding back on their stocks anticipating further hikes in prices,” he added.
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