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Sugar price hiked by Rs8/kg in a month

Sugar price hiked by Rs8/kg in a month

LAHORE: The sugar price increased by Rs8 per kilogramme during a month after the government’s decision of exporting 500,000 tons of sugar last month.

The sugar of said amount would be exported in a phased manner till March 31, 2016. Meanwhile, sugar has seen Rs 5 per kg hike in the last two weeks in the Sindh metropolis, Karachi. In the last week, sugar price increased by Rs 2 in wholesale while by the same in retail markets, taking the total price to Rs 56 per kg.

According to the wholesalers, sugar supply is much lesser than its demand leading to hiked price. In December 2015, fresh stocks in the market had resulted in sugar price cut by Rs 2. Crushing of sugarcane was started in Sindh without any price set by the government for the farmers.

Sugar dealers had said that they were purchasing sugarcane yields from farmers on basis of deferred payments. In retail, sugar was sold for Rs 53 per kilogram in December 2015.