As a result of the government’s crackdown against hoarders, the prices of sugar in Karachi decreased by Rs. 9 per kilogram.
According to Chairman of the Karachi Wholesalers Grocers Association, Abdul Rauf Ibrahim, the price of sugar in Jodia Bazaar wholesale market has dropped from Rs 168 to Rs 159 per kg.
Due to the crackdown, the ex-mill price of sugar has declined to Rs 156 per kg, while in the retail market, sugar is being sold at Rs 175 to Rs 180 per kg.
Abdul Rauf Ibrahim further stated that the country has an ample stock of sugar, and by fixing sugar prices, the government has eliminated speculation.
Meanwhile, Federal Minister for Food Security, Rana Tanveer Hussain, dismissed reports of rising sugar prices as baseless, stating that the market price is Rs 164 per kg, while at utility stores, it is Rs 153 per kg.
Rana Tanveer Hussain also mentioned that a committee led by Ishaq Dar has been formed to monitor sugar prices.
