Dec 13, 2024 (MENAFN via COMTEX) --
(MENAFN - Tribal News Network) Reports of a sugar price hike in Pakistan have sparked controversy, with the federal government dismissing claims of significant increases.
According to sources, speculators and hoarders have been active since the start of the week, driving a surge in sugar prices by PKR 10 to 15 per kilogram. Large retailers are now selling sugar at PKR 130 to 135 per kilogram, with ex-mill rates between PKR 115 and 125. Meanwhile, small shopkeepers are reportedly charging as high as PKR 140 to 150 per kilogram.
Dealers predict wholesale sugar prices may reach PKR 128 per kilogram in December and PKR 133 by January, with an additional PKR 8 per kilogram increase anticipated due to future trade speculation.
Federal Government Rejects Claims
In response to the reports, Federal Minister Rana Tanveer Hussain denied any substantial increase in sugar prices. In a statement, he clarified that retail prices are below PKR 140, while wholesale rates range from PKR 124 to 125 per kilogram.
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He emphasized that under Prime Minister Shehbaz Sharif's directive, sugar prices are being closely monitored. The minister urged the media to avoid spreading misinformation and assured the public that government measures are effectively controlling prices.
The conflicting reports highlight ongoing challenges in regulating essential commodity prices, with speculators' activities often exacerbating market instability.
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COMTEX_460831583/2604/2024-12-13T20:33:20
