Sugar prices witness decline amid fed govt measures
- By Web Desk -
- Nov 28, 2020
KARACHI: Amid measures taken by the federal government, the sugar prices in the country have witnessed a decline in wholesale and retail markets, ARY NEWS reported.
According to details, the sugar prices have gone down by Rs 4 per kilogram in the wholesale market while the prices saw a decline of Rs 8 per kilogram in the retail market today. In the wholesale market, the sugar prices went down to Rs 80 per kilogram from Rs 84.
The sugar prices saw a decline by Rs 1500 per 100-kilogram sack as it was sold out at Rs 8,000 rather than the earlier rate of Rs 9500.
A spokesman of the wholesale dealers association in Jodia Bazar Karachi said that the sugar prices went down by Rs 15 per kilogram in the ongoing week as its prices have come down to Rs 80 from Rs 95.
The sugar price, he said witnessed an improvement after the government announced a timely crushing of sugarcane in the country. The commodity’s prices in the retail market have also come down below Rs 100 per kilogram and are now traded at Rs 92 per kilogram.
It is pertinent to mention here that Federal industries and production minister Hammad Azhar on November 24 said in a press briefing that sugar prices had previously soared thus the government imported about 1.25 lac tonnes following which the commodity is now available for Rs62 per kilo.
Talking about steps to offset crises of sugar and wheat, the government minister noted imminent crushing season will bring down sugar prices further.
Rs10 to -12 rupees have slashed for the commodity in ex-mill and wholesale rates in the past 10 days, said federal minister Azhar, adding that it will be historic first for sugar crushing season to begin timely. The effect will reflect on the retail market as well.