The sugar prices have started to increase as the commodity registered an increase of Rs 3 per kg during the last three days. Sugar, before announcement of the proposed federal budget, was available at Rs 64 to 65 per kg reached Rs 67 to 68 per kg on Tuesday, traders of the Akbari Mandi said.
Chairman, Lahore Sugar Dealers Association, Asghar Butt while talking to Business Recorder said that the sugar prices have increased by Rs 3 per kg during the last two days. He said apparently there was no reason behind this price hike but all the players in this game from millers to traders were making money by increasing the prices of the sweetener.
Another sugar dealer, Hamid Akmal said that speculators were behind this increase of prices in sugar during last two days. He said that there seemed to be no justification of this increase as no levy was imposed on sweetener in the proposed budget for the next financial year. Chairman, Pakistan Sugar Mills Association (PSMA), Javed Kiani while commenting on increase in the prices of sugar said that they have submitted cost of sugar production at Rs 64 per kg to the Economic Co-ordination Committee (ECC) without Sales Tax or Excise Duty.