Lahore: Sugar prices in Lahore have experienced a sharp increase, climbing by Rs 18 per kilogram in recent days, despite the ongoing sugarcane crushing season, according to a report by ARY News on Sunday, citing information from dealers.
The Dealers Association stated that the current ex-mill rate for sugar now stands between Rs 140 and Rs 143 per kilogram. This marks a significant jump from the December ex-mill rate of Rs 125 per kilogram.
The association has further indicated that the future trade price for February has been set at Rs 145 per kilogram. Currently, smaller retail shops are selling sugar at Rs 150 per kilogram.
The Dealers Association attributed the price hike to an artificial shortage, allegedly created by sugar exports. They expressed concerns that if the forces behind this manipulation are not addressed, sugar prices could potentially reach Rs 170 per kilogram during the upcoming month of Ramadan.
Last October, the federal cabinet approved the export of an additional 500,000 metric tons of sugar, contingent on conditions aimed at maintaining price stability and ensuring domestic supply. This approval was granted via a circular. The retail price of sugar was set at Rs. 145.15 per kilogram. One of the conditions stipulated that exports would be halted immediately if retail prices surpassed this limit.
The federal government also instructed provincial governments to monitor sugar prices closely. Additionally, mill owners were directed to ensure that the ex-mill price of sugar does not exceed Rs 140 per kilogram.
