Sugar prices rising due to unabated shipments

Islamabad, May 25, 2023 (PPI-OT): President of Pakistan Economy Watch (PEW) Dr. Murtaza Mughal on Thursday said the price of sugar is increasing across the country due to the continuous exports. The unabated exports allowed to please sugar barons are affecting the people as it is increasing overall inflation, he said. Till April, two hundred and twelve thousand tons of sugar have been exported, while this process continues without interruption during the month of May, said Dr. Murtaza Mughal, President of PEW.

The interests of the masses have been compromised by allowing the export of sugar in such huge quantities, he added. Sugar was not exported in the fiscal year 2022, but the current government allowed the export of sugar in the fiscal year 2023 despite the record inflation, the prices of which started increasing in the local market.

In the month of February, more than 42 thousand tons of sugar were exported, in March, about 130 thousand tons of sugar were exported, while in April, more than 40 thousand tons of sugar were exported, which increased the price of sugar up to fifty rupees per kg.

He informed that in the month of May, the sugar exports continued unabated, which will push up prices in the local market. Dr. Mughal said that with an increase in the price of sugar by one rupee per kg, five billion rupees go out of the pockets of the people and into the pockets of the sugar mafia.

He said that apart from the exports sugar mafia is also involved in smuggling and as a result the country is suffering heavy losses but this illicit trade will continue because many important personalities are involved in it. Dr. Mughal said that the policy of closing down industries and making millions unemployed to reduce the current account deficit is wrong, due to which the GDP is shrinking and the value of Pakistan's currency is even lower than that of Sri Lanka.

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