KARACHI: Sugar prices in the city have seen a noticeable drop as government action against sugar mills and notice begins to yield results, according to the Wholesale Grocers Association.
The association stated that the ex-mill price has come down to Rs165 per kilogram. In the wholesale market, sugar is now being sold at Rs170 per kilogram, with retail prices ranging between Rs175 and Rs180.
On August 3, the Trading Corporation of Pakistan (TCP) announced a new tender for importing 100,000 metric tons of sugar, which will be opened on August 11.
Sources shared that an earlier tender had also been floated, and four companies had submitted their bids. However, due to the high prices quoted, around Rs227 per kilogram, that tender is likely to be scrapped.
Previously, the International Monetary Fund (IMF) raised concerns about Pakistan’s plan to give tax exemptions and subsidies on sugar imports, cautioning that such steps might put the ongoing $7 billion loan agreement at risk.