Karachi:
The assembly pressure from industry stakeholders and calls for a crash on hamstring has brought a stopped up to the recent increase in sugar prices, with both retail and wholesale prices showing signs of decline.
According to Abdul Rauf Ibrahim, president of the Wholesale Grocers Association, the retail price for sugar has dropped from RS200 to RS195/kg in recent days. Similarly, the wholesale price has fallen from RS185 to a number of RS178-180/kg.
Rauf attributed price correction to growing control over speculative hamstring. He claimed that about 2.6 million tons of sugar are currently being held back from the market to get profits and smuggling.
Rauf also warned against proposed sugar imports and said that domestic production is sufficient to meet local demand. He warned that at this time import of sugar would be financially harmful, potentially costing the country more than $ 265 million in currency at a time of severe fiscal stress.
