Prime Minister Shehbaz Sharif has directed strict action against those hoarding sugar and manipulating the market after a sudden increase in prices and an artificial shortage during Ramazan, reports Profit.
During a review meeting, the prime minister expressed concern over rising sugar prices and empty store shelves. He instructed officials to take immediate steps to control the situation, warning that hoarding and speculation would not be tolerated.
Sharif emphasized the need for strict monitoring of sugar supply and demand, stating that the country has enough stocks to meet public needs. He also called for better coordination with sugar mill owners to prevent shortages and ensure smooth distribution.
The prime minister ordered the chief secretaries of all four provinces to ensure sugar is sold at government-approved prices and to take firm action against violators. He also requested a detailed report on the steps taken against hoarders and profiteers.
Officials briefed him on the current sugar supply, consumption patterns, and price changes. He assured that the government would take all necessary measures to protect consumers, especially during the holy month.
Meanwhile, sugar prices in Pakistan have continued to rise for the 16th straight week. The cost has increased by Rs9.26 per kg in the past week, bringing the national average to Rs171.9 per kg, according to the Pakistan Bureau of Statistics (PBS). Since late November, when the price was Rs131.85 per kg, sugar has become 30.37% more expensive, rising by Rs40 per kg overall.
Compared to the same time last year, sugar prices have jumped significantly. In March 2024, the average price was Rs142.9 per kg, marking an increase of Rs29 per kg or about 20.3%.
The ongoing price surge follows the government’s decision to allow large-scale sugar exports, permitting 750,000 metric tons to be sent abroad between June and October 2024. The last batch of 500,000 metric tons was exported in October, further reducing domestic supply.
Market experts link the rising prices to lower availability and increased demand due to exports. Despite government efforts to stabilize prices, reports suggest that sugar is being sold at even higher rates—up to Rs180 per kg—in some cities. The continuous increase in prices is putting extra financial pressure on households, especially for lower- and middle-income families already struggling with inflation.
