Sugar price reaches up to Rs195kg in Karachi

KARACHI: Sugar price on Monday hiked up to an all-time high in Karachi to Rs195 per kg as weekly inflation continues to accelerate, ARY News reported.

According to details, the sweetener is being sold between Rs185 to Rs195 in Karachi’s retail market, while the rate in the wholesale market has decreased to Rs178 per kg from Rs180.

Despite the decrease in the wholesale market price of sugar, the retailers are selling the same at their desired rate.

In a statement, Rauf Ibrahim – Chairman Wholesale Grocers Association – said that the sugar mafia and hoarders created an ‘artificial shortage’ of sweetener and reduced its supply into the market.

Read more: Sugar price shoots to Rs220 per kg

Earlier sources claimed that the Ministry of Commerce and Industries ruled out the shortage of sugar in Pakistan.

The clarification came after sources claimed that Pakistan is seeking to import sugar from Brazil.

The sources within the ministry said Pakistan has sufficient stock of sugar more than 2 million metric tons, which is sufficient for the country’s use until December.