Karachi: Authorities foil attempt to hoard sugar worth millions before Ramadan

KARACHI: The authorities successfully thwarted an attempt to hoard sugar worth millions of rupees ahead of Ramadan 2025, ARY News reported.

According to reports, around 20,000 sugar sacks were seized during a raid on a warehouse in the Korangi area of Karachi.

The raid was carried out by Assistant Commissioner Landhi and other officials.

The operation led to the recovery of sugar sacks, which were traced back to nine sugar mills in Sindh.

The sacks were found to have fake stickers from the Federal Board of Revenue (FBR). The raid was part of a targeted operation initiated following instructions from the Prime Minister Shehbaz Sharif.

Officials from FBR and the Bureau of Supply and Price Control were also present during the operation, checking the warehouse’s records.

The authorities have decided to sell the recovered sugar at government-approved prices to prevent any further price hikes in the market.

Earlier, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram expressed concerns over the potential increase in prices of ghee and cooking oil ahead of Ramadan 2025.

Atif Ikram said the clearance of edible oil imports is being delayed, resulting in importers being forced to pay demurrage charges amounting to millions of dollars. This delay is causing a significant increase in the cost of ghee and cooking oil, which will ultimately be borne by consumers.

The FPCCI president said that the clearance process for edible oil is extremely slow, leading to customs and other issues that are causing delays of up to 10 days. He warned that if the situation does not improve before Ramadan 2025, edible oil prices will rise significantly.

Atif Ikram mentioned that the demurrage charges are being paid in dollars, which is adding to the cost of ghee and cooking oil. He said that the government needs to take immediate action to address this issue.

To resolve this matter, the FPCCI president said that he will meet with the Minister of Finance, Chairman FBR, and other relevant authorities next week to discuss possible solutions.