Sugar Price Rises to Rs 150 at Utility Stores
According to sources, the new price of sugar at Utility Stores is now Rs 150 per kilogram, up from Rs 145 previously.
This is the second price hike within one and a half weeks, with the cumulative increase totaling Rs 10 per kilogram. Before the hike, the price of sugar at USC stores was Rs 140 per kilogram.
According to sources, the price increase is attributed to rising prices in the open market. Despite the hike, sugar prices at Utility Stores remain lower than those in the open market.
It is worth noting that the federal government had withdrawn subsidies on five essential items, including sugar, in August 2024.
Govt ‘forms’ body to halt operations of Utility Stores Corporation
Earlier, the Sugar price hit Rs160 per kg in Karachi’s retail market, promoting the Jodia Wholesale Market traders to seek a ban on the commodity’s export.
According to Wholesale Grocers Association Chairman Rauf Ibrahim, sugar prices in the wholesale market climbed to Rs150 per kg, while advance deals for March have reached Rs152/kg.
Traders claim that the hoarding mafia is active, and with Ramazan approaching, there is a serious risk of further price hikes. Pakistan’s monthly sugar consumption stands at 550,000 tons, but during Ramazan, it jumps to 1 million tons.
Since December, sugar prices have increased by Rs26 per kg, and last year, profiteers pushed rates up to Rs180 per kg. Even at utility stores, sugar prices have risen by Rs5, to reach Rs145 per kg.
Utility Stores shutdown
On January 22, it emerged that the federal cabinet decided to shut down the operations of the Utility Stores Corporation across Pakistan and has formed a committee to oversee the process.
As per details shared by sources, the seven-member committee is led by the federal minister for Industry and Production.
The committee includes the minister of state for Finance and Revenue, the minister of State for Information Technology, the Federal Secretary of Finance, and the Secretary of Industry and Production.
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