PSMA Rejects Claims of Sugar Price Increase, Calls for Action Against Speculators

The Pakistan Sugar Mills Association (PSMA) has strongly refuted circulating rumors about a hike in sugar prices, urging authorities to take decisive action against speculators driving the misinformation.

PSMA spokesman clarified that recent reports of rising sugar prices were false, emphasizing that the ex-mill price of sugar remains within the government-approved ceiling of Rs. 140 per kg, as set by the Economic Coordination Committee (ECC) in June 2024. The association highlighted that after the government permitted sugar exports, both ex-mill and retail sugar prices had declined, with only minor fluctuations driven by market forces.

As of December 12, 2024, the retail price of sugar was reported to be as low as Rs. 130 per kg in various regions, with ex-mill prices ranging between Rs. 122 and Rs. 125, according to government representatives from Punjab, Sindh, and Khyber Pakhtunkhwa.

The PSMA also reassured that the ongoing crushing season is proceeding smoothly, and current sugar stocks are adequate to meet the nation’s demand for the next year. This position was confirmed by the Sugar Advisory Board (SAB) during a recent meeting in November 2024.