KARACHI: In a significant move against sugar hoarding and price hikes, Karachi Rangers executed an operation to confiscate a substantial quantity of sugar, valued at over Rs1 billion, as reported by a private news agency.
The operation involved raids on two separate sugar warehouses located on Hub River Road in Baldia Town. The paramilitary forces' spokesperson disclosed that around 140,000 bags of sugar were retrieved during these operations.
It is suspected that the seized sugar was destined for illegal smuggling to Afghanistan via Balochistan. The confiscated sugar has now been handed over to the relevant civil administration for further legal proceedings.
The surge in sugar prices, which had surpassed Rs200, prompted the government to launch a nationwide crackdown on sugar hoarders, aiming to curb the artificial inflation of this essential commodity. The crackdown resulted in the recovery of thousands of bags of sugar and the arrest of individuals involved in sugar hoarding and profiteering.
Remarkably, this crackdown also contributed to a decline in sugar prices within the local market. In fact, weekly inflation figures showed a 0.25% decrease in the week ending on September 14. This decline followed seven consecutive weeks of inflation, primarily attributed to the government's actions against hoarding and smuggling, with sugar prices witnessing a notable drop of 9.11%, according to data released by the Pakistan Bureau of Statistics (PBS)."