Just months after a temporary reprieve, Pakistani consumers are facing another sugar price surge as the “sugar mafia” and mill owners tighten their grip on the market.
Within a mere three days, the wholesale price of sugar has jumped by a staggering Rs 12 per kilogram, raising serious concerns over government control and the plight of ordinary citizens.
Reports indicate a renewed wave of activity among sugar hoarders and speculators, who are artificially inflating prices to maximize their profits. The wholesale price of sugar per kilogram has skyrocketed from Rs 120 to Rs 132, translating to a 10% increase within a very short period.
The impact on consumers is immediate and significant, with a 100 kg bag of sugar now costing Rs 13,200. Shopkeepers attribute this alarming rise to the illicit collusion between sugar mill owners and major sugar dealers.
Wholesale trader Muhammad Shafqat highlights the worrying trend, stating that the Chinese wholesale rate has already increased by Rs 16 per kg within the first eight working days of this month. These ripple effects are now being felt by the public at the retail level.
Stakeholders within the sugar industry express grave concerns about the government's inability to control the situation. Despite the recent crushing season, the cost of sugar remains a significant challenge. Additionally, the demand from sugar mill owners to allow sugar exports is further exacerbating the price hike.
This renewed surge in sugar prices exposes the vulnerabilities within the Pakistani economy and the deeply entrenched power dynamics of the sugar mafia. With each price hike, consumers are forced to bear the brunt of a system plagued by profiteering and a lack of effective regulation.
