Saturday, March 12, 2011

Wholesale sugar prices down Rs2 in Karachi market

By Saleem Shaikh | DAWN.COM

KARACHI: The wholesale price of 100 kilogramme sugar bag has declined by Rs200 to Rs6,300 here in the wholesale commodity market as new supplies from the producing areas has started to land in the wholesale market.

Chairman wholesale Grossers association, Aneed Majeed has confirmed the reports of decline in sweetner’s prices on new supplies.

The sweetener, which was selling at Rs65 per kilogramme in the wholesale market, is now being traded at Rs63.

Secretary General of the Karachi Retailers Grocers Group, Fareed Qureshi, said that while sugar is selling at present between Rs66 to Rs68 in the retail market, it is hoped that impact of sugar price fall will be seen shortly.

“Benefit of the recent fall in the sugar prices will be transferred to the retail customers, once the supplies of the commodity from wholesale market at new prices reach the retail markets.

He hoped, however, that fall in retail sugar price is possible by Rs2.

It may be mentioned here that the sugar prices in the wholesale market had increased by Rs2/kilogramme to Rs6,300 per 100kg sugar bag on reports of government’s decision on March 9 to withdrew 50 per cent sales tax relief on the commodity.

During his press conference in Islamabad on March 9, Federal Board of Revenue Chairman Salman Siddique had said that the government had halved the sales tax rate in order to provide some relief to the consumers when sugar prices skyrocketed about one and a half years ago.

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