Latest news with #WholesaleGrocersAssociation
Express Tribune
15-07-2025
- Business
- Express Tribune
Deal falls flat as sugar prices stay high
The sugar industry might have cut a deal with the government to sell the sweetener to the wholesalers at Rs165 per kg. However, the effect of this deal has not yet reached people, who are still compelled to buy the commodity at prices ranging from Rs180 to Rs210 per kg. Sugar, mostly extracted in Pakistan from sugarcane, has seen a steady increase in prices in the last 7 monthsfrom Rs140 per kg to Rs200 per kg. According to Wholesale Grocers Association Chairman Rauf Ibrahim, mills had stopped supply of sugar on Friday, causing a further hike in prices. The Ministry of National Food Security and Research and sugar mills reached an agreement on Monday, setting the ex-mill price of sugar at Rs165 per kg. "The mills resumed supply of sugar on Tuesday but they are not providing the produce at the agreed price and have set the ex-mill price at Rs175 per kg." He said under the Rs165 ex-mill formula, the wholesale price should be Rs168 and the retail price between Rs172 and Rs175. However, sugar is not available in the wholesale market even at Rs185. Retail Grocers Association Chairman Fareed Qureshi said the retail price of sugar in Karachi was Rs200 per kg on Tuesday. In Lahore, sugar is being sold at the discretion of shopkeepers rather than at government-fixed rates. The official retail price of sugar is Rs180 per kg, but it is being sold for between Rs185 and Rs210. Lahore Deputy Commissioner Syed Musa Raza has directed assistant commissioners and price control magistrates to take action against those selling sugar at inflated rates. However, such actions have proven ineffective. Meanwhile, a high-level meeting on sugar prices was held under the chairmanship of Federal Minister for National Food Security Rana Tanveer Hussain. The meeting was attended by the chairman and senior members of the Pakistan Sugar Mills Association (PSMA) as well as senior officials of the ministry, according to a statement. Important decisions were made to stabilize sugar prices and provide immediate relief to the public. The association agreed to supply sugar at an ex-mill price of Rs165 per kg. The association appreciated the government's efforts and assured full cooperation in stabilizing prices. Officials stated that the impact of price reduction would be seen in the market within the next two to three days. On the occasion, Hussain said that the government is taking all possible steps to provide relief to the people. He made it clear that enforcement of the fixed retail price would be ensured and that hoarding or profiteering would not be tolerated under any circumstances. "A comprehensive strategy has been prepared to ensure uninterrupted supply of sugar, and that the ministry remains in constant contact with the sugar industry to safeguard public interest at all costs," the minister said. Interestingly, the Trading Corporation of Pakistan (TCP) has issued a revised tender stating that, for now, only 50,000 metric tons of sugar will be imported. Bids have been invited until July 22 under this revised tender. Earlier, a tender for 300,000 metric tons was issued with a bid deadline of July 18.
Express Tribune
14-07-2025
- Business
- Express Tribune
Sugar prices up as supply suspended
Sugar mills in Sindh and Punjab have stopped the supply of sugar to markets since last Friday. According to the Chairman of the Wholesale Grocers Association, Rauf Ibrahim, due to the halt in supply from mills over the past four days, only stored sugar is being sold in Karachi. As a result, the wholesale price of sugar has risen from Rs180 to Rs182 per kg, while the retail price has increased from Rs195 to Rs200 per kg against government's fixed price of Rs164 per kg. He said that due to the government's lack of interest in taking action against sugar mill owners and hoarders, sugar prices are rising. Rauf Ibrahim alleged that sugar mafia is behind this crisis.
Express Tribune
14-07-2025
- Business
- Express Tribune
Ex-mill sugar price fixed at Rs165/kg as govt, industry reach agreement
Listen to article The federal government and the sugar industry have reached an agreement to set the ex-mill price of sugar at Rs165 per kilogram, aimed at providing relief to consumers amid surging market rates, Express News reported. According to a statement issued by the Ministry of National Food Security on Monday, the agreement follows successful negotiations with sugar mill owners. The ministry affirmed that all provincial governments will now be responsible for ensuring the availability of sugar to the public at the newly fixed rate. Currently, sugar is being sold at prices as high as Rs200 per kilogram across various parts of the country. Authorities blame the steep prices on alleged collusion among influential actors in the sugar sector, often referred to as the 'sugar mafia,' which is accused of hoarding and manipulating supply to inflate prices. In response to the crisis, the federal government had previously announced a temporary removal of import taxes on sugar in an effort to bring down domestic prices. However, the impact of this measure has yet to be reflected in market rates. The Wholesale Grocers Association has criticised the import-based approach and instead urged the government to take strong action against hoarders. They have called for warehouse inspections and crackdowns on illegal stockpiling, arguing that such enforcement could significantly reduce sugar prices in the local market.
Express Tribune
13-07-2025
- Business
- Express Tribune
Anti-hoarding push puts brakes on runaway sugar price
Mounting pressure from industry stakeholders and calls for a crackdown on hoarding have brought a halt to the recent surge in sugar prices, with both retail and wholesale rates showing signs of decline. According to Abdul Rauf Ibrahim, Chairman of the Wholesale Grocers Association, the retail price of sugar has dropped from Rs200 to Rs195/kg in recent days. Similarly, the wholesale price has fallen from Rs185 to a range of Rs178-180/kg. Rauf attributed the price correction to growing scrutiny over speculative hoarding. He claimed that around 2.6 million tons of sugar are currently being held back from the market for profiteering and smuggling. Rauf also cautioned against proposed sugar imports, saying that domestic production is sufficient to meet local demand. He warned that importing sugar at this stage would be economically detrimental, potentially costing the country more than $265 million in foreign exchange at a time of severe fiscal strain.
