KARACHI: On Monday, the price of sugar in Karachi surged to an unprecedented high of Rs195 per kg as weekly inflation continues its upward trajectory.
In Karachi's retail market, sugar is now being sold at rates ranging from Rs185 to Rs195 per kg, while the wholesale market has seen a slight decrease to Rs178 per kg from Rs180.
Despite the drop in wholesale prices, retailers are maintaining their higher price points. Rauf Ibrahim, Chairman of the Wholesale Grocers Association, has attributed this situation to the actions of the sugar mafia and hoarders, who have artificially created a shortage of sugar and reduced its supply to the market.
Earlier, the Ministry of Commerce and Industries dismissed reports of a sugar shortage in Pakistan, asserting that the country has ample sugar reserves, exceeding 2 million metric tons, enough to last until December.
