Sugar prices decline following a month-long increase.
Following a protracted month-long increase, sugar prices in Karachi have experienced their inaugural decrease, delivering a notable setback to the sugar cartel and providing minimal respite to inflation-affected residents.
Market sources indicate that the wholesale price of a 100kg sack of sugar decreased by Rs400 in one day. In Jodia Bazaar, one of the city’s largest wholesale markets, sugar is currently priced at Rs179 per kg, a decrease from Rs183 per kg the previous day.
Muhammad Shafqat, president of the Wholesale Sugar Dealers Association, attributed the price decline to the resumption of supply from sugar mills, indicating that prices are anticipated to diminish further in the forthcoming days. “Karachi has an ample supply of sugar, and the market is progressively stabilising,” he affirmed.
Sugar prices have surged from Rs165 to Rs183 per kg since June, primarily due to hoarding and the artificial scarcity purportedly instigated by profiteers. Nonetheless, the recent governmental enforcement seems to be producing favourable outcomes.
Notwithstanding the enhancement in wholesale prices, exploitation persists in numerous retail markets throughout the city. In regions like Liaquatabad and Nazimabad, retailers continue to sell sugar at Rs200 per kg, disregarding the decrease in wholesale prices.
Exasperated citizens have urged the authorities to implement stringent measures against retail profiteers. Inflation has significantly exacerbated living conditions. “Now even sugar, once emblematic of sweetness, has become bitter,” remarked a local shopper.
The government is urged to guarantee that price reductions in the wholesale market are mirrored at the retail level to offer genuine relief to the public. Additional price reductions are anticipated if enforcement measures persist and mill supply remains consistent.
