KARACHI: Senior Vice Chairman Pakistan Biscuit and Confectionery Manufacturers’ Association (PBCMA) Raees Ahmed Tuesday said that the sugar crisis in Pakistan has risen to an alarming level, with the commodity being sold at Rs130 per kg in the wholesale markets at Karachi.
This is nothing but an attempt by rent seekers for illegal profiteering. This practice of manipulating the market and looting consumers must be stopped, he said in a statement.
The downstream industry, using sugar as basic raw material have been jolted by such skyrocketed prices and are left with no option but to close down their factories, if not rescued.
“We seek an immediate action by concerned authorities against the culprits involved in such cartelization/hoarding so that the illegal raise in prices may be neutralized in the best interest of local industry and overall economy of Pakistan,” Raees said.
Copyright Business Recorder, 2021
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