Sugar Prices Fall Dec,2020

At the beginning of this year, there was a sudden sugar crisis in the country with flour and its price reached Rs. 102 per kg by July. The for-profit mafia was also forced to bring the stockpiled sugar to market. Thus, the supply has increased against the demand of sugar and the current situation is that local sugar is being sold at Rs 90 and imported sugar at Rs 81 per kg. This is a good trend, but in the eyes of the Commission on Sugar, the current price is 30% higher than estimated. Prime Minister Imran Khan has congratulated his economic team on the reduction in rates. Although the return of sugar prices to this level has hurt the interests of the profiteering mafia, a review of the past few years reveals the surprising fact that until the cartelization of sugar mill owners, competition In a competitive environment, sugar prices remained largely stable and declining even in January 2019, when its market price was Rs 38.87 per kg, which had crossed Rs 75 in January 2020. Now that the government has spent a lot of foreign exchange on imported sugar, the local prices have come down by up to Rs 20. However, this is very important for the sugar exporting country. To avoid such a situation in the future, it is necessary to get to the bottom of the matter and bring those responsible for the crisis, whether they belong to the sugar industry or government houses, to justice.