Prime Minister Shehbaz Sharif ordered a crackdown on sugar hoarders and market manipulators following a sudden spike in prices and an artificial shortage of the commodity during Ramazan.
Chairing a review meeting, the prime minister took notice of the rising sugar prices and empty store shelves, directing authorities to take immediate action against those responsible for market disruptions. He stressed that speculation and hoarding leading to inflated prices would not be tolerated.
Sharif instructed officials to closely monitor sugar supply and demand, emphasizing that the country had sufficient stocks to meet consumer needs. He also called for enhanced coordination with sugar mill owners to ensure effective oversight and prevent artificial shortages.
The prime minister further directed the chief secretaries of all four provinces to ensure that sugar is available at government-approved prices and to take strict action against any violations. He demanded a detailed report on enforcement actions taken against hoarders and profiteers.
Officials briefed the prime minister on the current sugar supply, consumption trends, and price fluctuations. He reiterated that the government would not allow the public to be exploited, particularly during the holy month, and assured that all necessary measures would be taken to stabilize prices.
Sugar price reaches Rs171.9 per kg
On the flip side, sugar prices in Pakistan have continued their upward trend for the 16th consecutive week, rising by Rs9.26 per kg over the past seven days and bringing the national average to Rs171.9 per kg, according to the Pakistan Bureau of Statistics (PBS). Since late November, when the price stood at Rs131.85 per kg, sugar has become 30.37% more expensive, reflecting an overall increase of Rs40 per kg.
Compared to the same period last year, sugar prices have risen sharply. In March 2024, the average price was Rs142.9 per kg, marking an annual increase of Rs29 per kg or approximately 20.3%.Â
The steady surge in prices follows the government’s decision to allow large-scale sugar exports, permitting 750,000 metric tons to be shipped between June and October 2024. The final tranche of 500,000 metric tons was exported in October, further tightening domestic supply.
Market analysts attribute the price escalation to limited availability and export-driven demand. Despite government efforts to regulate prices, reports indicate that sugar is being sold at even higher rates—up to Rs180 per kg—in various cities. The ongoing increase is adding to financial pressures on households, particularly for lower- and middle-income consumers already struggling with inflation.
