Wholesale sugar price continues to increase

As the federal government and millers plan to provide sugar at Rs130 per kg nationwide, the wholesale price of the sweetener continues to rise ahead of Ramazan. Retailers in Karachi are already charging Rs160 per kg, saying that they could not sustain frequent hikes in wholesale rates as the 50 kg bag price has continuously risen by Rs150-200 per bag for the last few days. Karachi Wholesalers Grocers Association (KWGA) Chairman Rauf Ibrahim said the wholesale rate has risen by Rs13 to Rs154 per kg in the last three to four days as speculators and investors have become active to make windfall during Ramazan when demand for sugar surges to 1.1m tonnes from 550,000 tonnes.