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ISLAMABAD: Lashing out at the former Pakistan Democratic Movement (PDM) government for opening the floodgate of inflation, Pakistan Tehreek-e-Insaf(PTI) focal person on economy Muzamil Aslam has claimed that the sugar moguls pocketed around Rs255 to Rs260 billion in profit during the last six months due to an alarming escalation in sugar price.

In a statement, the PTI focal person on economy said that if the current price of sugar remained unchanged till November, the sugar barons could earn Rs127 billion extra in profit.

He stated that the sugar price doubled during the last three to four months that compounded the miseries of the inflation-ridden and poverty-stricken masses manifolds.

PBCMA urges immediate action against sugar hoarders

Muzamil recalled that sugar was available at Rs85 per kg 16 months ago when the PTI government was toppled through “a conspiracy” but now the commodity was being sold at an exorbitant rate, ranging from Rs150 to Rs180 per kg.

He stated that the annual consumption of sugar in Pakistan was six million tons, as five lakh tons of sugar was being consumed per month in the country.

Muzamil revealed that an increase of Rs85 per kg in the price of sugar would earn a profit of Rs85,000 per ton, adding that if calculated, the annual profit, the sugar moguls would pocket Rs510 billion in profit from the sale of only six million tons.

He raised a question as to how much money the sugar mafia would have earned due to the massive increase in the prices of sugar.

Muzamil stated if the price of sugar remained the same till November, the people associated with the sugar business would get Rs127 billion extra in profit.

The PTI focal person on economy went on to say that in the last six months, the sugar mafia earned around Rs255 to Rs260 billion in profit during the last six months, which meant more than a quarter of the entire country’s annual development expenditure.

Muzamil suggested that if the government levied tax only on the sugar profit, the people could be given a major relief in power bills through this money collected from the tax.

He said that last year, the PDM government imposed a ban on the import of soybeans, which were used as a main poultry feed, pushing up the chicken price to Rs600 per kg which was available at Rs250 and Rs300 at that time.

Muzamil stated that the people associated with the soybean business had also earned billions of rupees due to the ban on soybeans.

Copyright Business Recorder, 2023

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