Sugar prices in Pakistan are experiencing an alarming upward trend, reaching unprecedented levels in major cities and exacerbating financial distress for consumers, particularly during the holy month of Ramazan. The Pakistan Bureau of Statistics reported that sugar prices surged to Rs173 per kg by March 14, while in key urban centres such as Islamabad, Lahore, Karachi, Faisalabad, Peshawar, and Quetta, rates have climbed to Rs180-185 per kg.

Incidentally, the recent upward trend in sugar prices started less than a month ago when the Minister for National Food Security and Research Rana Tanveer Hussain announced that the retail price of sugar would be Rs130 per kilogram — similar announcements were made by Prime Minister Shahbaz Sharif himself too.

However, in response to the crisis, the prime minister has constituted a 10-member committee, led by Senator Ishaq Dar, to engage with the Pakistan Sugar Mills Association (PSMA) and negotiate price reductions.

Senator Dar announced that the sugar price should be Rs164 per kg, and it was noted that the primary factor behind this sharp price hike was excessive sugar exports over the past year, totalling 700,000 tonnes.

Lack of a sustainable framework has led to regulatory loopholes that benefit large mill owners at the expense of consumers

Besides, sugar producers have been demanding the government allow the export of surplus stock that would have no impact on the local supply........

© Dawn Business