The government's announcement to crack down on sugar hoarders led to decline in price of the commodity in wholesale market to Rs 4950 per 100 kg sack from Rs 5250, retailers said on Thursday. They expect a decline in the sugar's retail price by Rs 2 per kg immediately and demanded of the government to provide them sugar instead of supplying to utility stores to provide consumers with the commodity at fair rates.
"If the government provides each retailer with about 10 tons of white refined sugar, the issue of price increase particularly in Ramazan will solve and public will be able to purchase the commodity nearby their houses," they maintained. They termed suspending sugar supply to wholesale markets and provide it directly to utility stores as irrational decision of the trading corporation of Pakistan, they opined.
They said that the commodity price will further decline if the government really acted on its crackdown plan against hoarders. Retail sugar price had soared to a record high of Rs 54 per kg from Rs 52 on August 10 due to shortage of the commodity in the wholesale market, which was blamed on hoarders. Sugar price which was Rs 42 per kg on August 1, surged up to Rs 54 on August 10. While in some areas, the commodity is being sold at 56 per kg.