Sugar price in the country within the past three months has registered an increase of Rs40 per kg in the retail market as the price went up from Rs100 to Rs140 per kg, while it increased by Rs2,000 per bag in the wholesale market, from Rs4,500 per 50-kg bag to Rs6,500 per bag.
As per details, the prices of commodities continued to rise steadily, increasing by between Rs. 100 and Rs. 200 per bag each week, until they reached their peak level of Rs. 6,500 per 50-kg bag.
The increase in sugar prices is contrary to the recommendation of the Sugar Advisory Board (SAB), the Ministry of Food Security and Research (MNFS&R) which has set the retail price of sugar at Rs98.82 per kg across the country in April 2023.
According to a notification, the Government of Pakistan has implemented the “Price Control and Prevention of Profiteering and Hoarding Order, 2021” under the “Price Control and Prevention of Profiteering and Hoarding Act, 1977 (XXJX of 1977)”, in accordance with Sections 3, 4, and 6. The order was issued on August 24th, 2021 through SRO No 1062(1)/2021 and SRO No 1065(1)/2021, and it includes white sugar in PART-II of the schedule and sets the price of white sugar based on the recommendations of the SAB.
According to the notice, the price of sugar has risen by an unusually high percentage of more than 30% this month. Therefore, setting a price cap on this necessary good in order to safeguard consumers is in the public’s best interest. The announcement further stated that the SAB had approved the sugar price determined by the MNFS&R at its sixth meeting on April 17, 2023.
Concerned Pakistan Sugar Mills Association (PSMA) and provinces were also instructed by the SAB to provide their feedback on the intended sugar price, as per Sections 3 and 6 of the Price Control and Prevention of Profiteering and Hoarding Act, 1977, and SRO 1062(1)/2021 dated August 24th, 2021.
