The prices of sugar in the country are likely to escalate further despite the government’s steps to control them, reports Pakistani Media.
The current price of sugar is Rs 160 per kg in the retail market, up by 60% from Rs 98 during mid-April.
Pakistan’s Punjab government has recently authorized the district administration to lift the sugar stocks available with the sugar mills to supply the market to stabilize the prices. The sugar mills in the region have 0.2 million tons of sugar that can be utilized for more than fifteen days.
Sugar mills have earned illegal profits of up to Rs 25 billion since April by increasing sugar prices without government approval, argue the critics.
According to the officials of the Pakistan Sugar Mills Association (PSMA), the production cost of sugar has reached Rs 130 per kg which has resulted in the rising market price of the sweetener.
