Sugar prices drop in Karachi

KARACHI: Sugar prices have dropped in Karachi as the crackdown against sugar mills and hoarding begun showing positive results, according to the Wholesale Grocers Association.

The association reported that the ex-mill price of sugar has declined to Rs165 per kilogram.

In Karachi’s wholesale market, sugar is now being sold at Rs170 per kilogram, while retail prices have dropped to between Rs175 and Rs180 per kilogram.

On August 3, the Trading Corporation of Pakistan (TCP) issued a new tender for the import of 100,000 metric tons of sugar, officials confirmed.

According to TCP, the new tender is scheduled to be opened on August 11.

Read more: Pakistan govt issues tender for 100,000 metric tons sugar import

Sources revealed that a previous tender had also been issued for sugar import, in which four companies had submitted their bids. However, due to higher quoted prices, the earlier tender is likely to be cancelled.

Reportedly, the price quoted in the previous tender for imported sugar was Rs. 227 per kilogram.

Earlier, the International Monetary Fund (IMF) expressed reservations over Pakistan’s decision to offer tax exemptions and subsidies on imported sugar, warning that such measures could jeopardise the ongoing $7 billion loan program.