The recent surge in sugar prices to record highs, despite the start of the crushing season and ample stocks, is illustrative of long-running policy failures and deep-seated structural problems in the industry. This crisis, hurting households and farmers alike, is not due to a lack of supply but to a collapse in governance and distribution. In Karachi, retail prices have climbed to an unprecedented Rs210-215 per kg, with wholesale rates hitting a record high of Rs202 per kg earlier this week.

Similar prices have been seen in........

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