With the price of sugar skyrocketing in the market, aided by the exploitative practices of the sugar mill cartel, and the commodity facing scarcity, a decision has been reached to import 100,000 metric tonnes of sugar from Brazil.

The Trading Corporation of Pakistan has formally communicated its intention to procure sugar from the South American nation. This comes as a reversal of trends, considering that sugar had been exported back in June; however, preparations are now underway for its import in September.

Nevertheless, there are concerns that the price of sugar might surge further in the market following its import. It is anticipated that sugar could reach a staggering Rs200 per kilogramme.

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Insider sources have disclosed that the country is grappling with a significant shortage of sugar after its previous export. In November 2022, sugar was priced at Rs91, but following its export, the price catapulted to Rs180. The impending import of 100,000 metric tonnes is feared to exacerbate the price increase.

Speaking on the issue, Food Secretary Zaman Wattoo revealed that the recent surge in sugar prices has collectively burdened the masses with an additional cost of Rs47 billion.

Meanwhile, the price of sugar persistently climbs, now touching the Rs170 per kilogramme mark in the retail sector. Over a span of just four days, the price has gradually escalated by Rs10 per kilogramme.

At the wholesale level, sugar is valued at Rs16,400 per 100 kilogrammes. Different sugar mills are offering rates ranging from Rs15,800 to Rs16,600 per 100 kilogrammes.

According to Samaa, despite the ongoing dynamics, there is still no officially defined market rate for sugar, leaving room for potential further spikes in pricing. Furthermore, considering the current market conditions, the export of sugar has been placed under a temporary prohibition.