Sugar retail price feared to rise beyond Rs74

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GMT - 3 Hours Sugar retail price feared to rise beyond Rs74

Post by Generous on Sun Sep 11, 2011 6:54 pm

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KARAQCHI: Sugar retail price feared to rise beyond Rs74 per kilo, while the already hyperinflation hit people would have to swallow this sugar coated bitter pill as well.

Industry sources told that ex-factory sugar price during the last eight days rose by over Rs2.50 in Sindh and Punjab, thereby swelling the ex-factory price in Sindh to Rs71, while in Punjab to Rs72 per kilo.

Prevailing retail sugar price is around Rs74/75 per kilo and if no action taken against the profiteers, then its price feared to go beyond even Rs75.

Industry sources said that the country’s sugar stock on July 1, 2011 stood at 1.35 million tons, which constitutes of Sindh’s 0.425 million tons, Punjab’s 0.805 million tons, while Khayber Pakhtunkhaw‘s sugar stock 90,000 tons.

Sugar stock in the country was more than the demand and enough for meeting demand until December current year. Despite this the profiteers are out to fleece the consumers whimsically of which the ministry of production has itself taken notice, but to no avail. The people said that instead of rhetoric concrete actions be taken to rein in the hoarders and profiteers.

Experts said that sugar price since June 2011 till now has shot up by Rs9 per kilo and pegged at Rs74 on average and if this rate persists for another one month, then on the basis of per month consumption of three lac tons, it is feared that the profiteers would rob additional Rs2.70 billion from the wallets of hapless consumers.

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