Islamabad [Pakistan], September 3 : Amid the economic crisis in Pakistan, sugar prices skyrocketed to a record high of 220 Pakistani Rupees (PKR) in the retail markets of Balochistan, ARY News reported on Sunday.
Notably, the sugar that was earlier being sold at 200 PKR suddenly recorded a 20 PKR per kg rise in Balochistan to reach an all-time record high of 220 PKR.
The commodity’s wholesale price is 210 PKR per kg in the province, while a 50-kg sack has reached 10,500 PKR, ARY News reported citing market sources.
According to dealers, the price of the commodity increased after the supply of sugar got suspended as vehicles got stuck on the national highways after the suspension of permits.
The sudden rise in sugar prices has added to the misery of the people who are already bearing the brunt of inflation, ARY News reported.
Earlier sources claimed that the Ministry of Commerce and Industries ruled out the shortage of sugar in Pakistan.
The clarification came after sources claimed that Pakistan is seeking to import sugar from Brazil.
Earlier, Geo News reported that the Pakistan government has decided to import 1 million metric tonnes of sugar to replenish the country's reduced supply after being deceived by sugar mill owners about a "sufficient" domestic stock.
The federal government will import sugar at an inflated price of PKR 220 per kilogram, and the burden will be passed on to the population, which is already suffering from inflation and will be forced to pay exorbitant prices.
Even though the Punjab Food Department has a carryover surplus stock of sugar of almost 1 million metric tonnes, a spokeswoman for the department has warned of a potential sugar crisis in the coming days, as per Geo News.
The only option left with the authorities is to use the surplus stock to mitigate the problem. However, doing so will eventually result in imported sugar being sold on the market, forcing consumers to pay PKR 220 per kg for sugar rather than the official amount of PKR 100 per kg.
The Trading Corporation of Pakistan (TCP), according to sources cited by Geo News, has already written to Pakistan's commercial attaché in Brazil to establish arrangements for the import of 100,000 metric tonnes of sugar from the South American country, Geo News reported.
Notably, Pakistan is battling a huge economic crisis, with staggering inflation and depleting Forex reserves.
Although the IMF approved a USD 3 billion bailout to support Pakistan in avoiding a default on its debt repayments, Islamabad is finding it difficult to implement all the conditions imposed by the lender.
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