Ahead of the festivals of Raksha Bandhan and Ganesh Chaturthi, sugar prices show no signs of decreasing. On Tuesday, prices rose again, raising concerns among ordinary buyers.
Sugar prices increased again on Tuesday
As the festive season approaches, sugar prices are rising instead of falling, causing distress to the general public. On Tuesday, retail sugar prices rose by nearly one rupee to approximately 64 rupees per kilogram, compared to an average price of 63.05 rupees per kilogram on Monday.
prices are rising rapidly
According to data from the Department of Consumer Affairs (Price Monitoring Division), the all-India average price of sugar on August 25th was ₹63.97 per kg, up 31% from ₹48.81 per kg a month earlier. The price is also 38% higher than in August last year. A year ago, during this time, sugar was available at ₹46.31 per kg.
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Citing available data, news agency PTI reported that the maximum selling price of sugar on Monday was ₹76 per kg, while the "model rate" was ₹65 per kg. The government and sugar industry bodies said that prices have fallen at the mill in the past few days. However, the impact at the retail level is yet to be seen.
Wholesale rates are falling
According to data, the wholesale price of sugar on Monday was ₹59.23 per kg, compared to ₹45.35 per kg a month ago and ₹43.01 per kg a year ago. Earlier on Monday, Food Secretary Sanjiv Chopra said that the mill price of sugar had fallen by 18% to ₹55 per kg following the government's decision to allow sugar imports and crack down on speculation and hoarding. Last week, the mill price of sugar had reached a record ₹67 per kg.
What steps did the government take?
To provide relief to the general public and curb rising prices, the government has taken several major decisions, including allowing duty-free imports of sugar. After a long time, the government has approved the duty-free import of 1 million metric tons (10 LMT) of raw sugar to increase supply within the country.
The government has also imposed sugar stock limits. A stock limit of 400 tons has been set for sugar dealers. Starting September 1, large industrial consumers, such as bakeries and confectioners, will not be allowed to hold stocks for more than 15 days.
To prevent hoarding and black marketing of sugar, joint teams of the central and state governments are also visiting the mills and doing physical verification of the sugar stock.
