Govt 'approves' crackdown on sugar hoarders, market manipulators

The Pakistan government has ‘decided’ to take strict action against sugar hoarders and speculators, ARY News reported on Thursday, citing sources.

As per details available with ARY News, Prime Minister Shehbaz Sharif has approved a comprehensive crackdown to curb the artificial hike in sugar prices.

Key institutions including the FIA, Intelligence Bureau (IB), Federal Board of Revenue (FBR), State Bank of Pakistan, and others have been granted full authority to act.

Sources further revealed that agencies have been directed to initiate indiscriminate action against those involved in hoarding, artificial price manipulation, and cartelization. The measures will include raids, arrests, and other stern actions.

Authorities have already ramped up operations, and large-scale enforcement actions are expected in the coming days.

Earlier, it is to be noted that Pakistan government allowed sugar millers to export sugar on the assurance of stability of the rate.

Sources said on March 14 that Prime Minister (PM) Shehbaz Sharif took notice of inflating prices and ordered a crackdown on sugar hoarding.

The direction came during a high-level meeting chaired by PM Shehbaz to review sugar prices and the commodity’s supply across Pakistan.