Lahore: The prices of sugar in Lahore have continued to rise, even though the sugarcane crushing season is in full swing, ARY News reported on Sunday, quoting dealers.
In just a few days, sugar prices have surged by 18 rupees per kilogram, according to the Dealers Association. The current ex-mill rate of sugar ranges between Rs140 to 143 per kilogram.
This increase follows the ex-mill rate of 125 rupees per kilogram in December.
The Dealers Association has set the future trade price for February at Rs145 per kilogram. Sugar is currently being sold at Rs150 per kilogram in smaller retail shops.
The Dealers Association has raised concerns about the artificial shortage created by sugar exports, which is driving up prices.
They warn that if the mafia behind this manipulation is not controlled, sugar prices could rise to Rs170 per kilogram during Ramadan.
Read more: Federal cabinet okays export of 500,000MT of surplus sugar
Last year in October, the federal cabinet approved the export of an additional 500,000 metric tons of sugar, with conditions applied to ensure price stability and domestic supply/
The federal cabinet gave the approval through a circular. The retail price of sugar is fixed at Rs. 145.15 per kilogram. If prices exceed this benchmark, exports would be cancelled immediately, as per one of the conditions.
The cenrtre also directed the provincial governments to monitor sugar prices. It also asked the mills owners to ensure that the price of ex-mil sugar does not exceed Rs 140 per kilogram.
