Islamabad: The sugar mill owners have earned over Rs500 billion during the last four months due to the rise in the prices of the sweetener, alleges political party PTI, reprted Dawn.
In a video posted on the social media platform X (formerly known as Twitter), party’s spokesperson on economy and finance, Muzzammil Aslam asserted that 16 months ago, when the PTI government was removed from power in April 2022, the commodity was priced at Rs 80 to 85 per kg. However, at present, it is being retailed at Rs 150 to Rs 170 per kg, indicating a substantial increase of nearly Rs 85.
Breaking down the impact of this price hike, he claimed the annual consumption of sugar in Pakistan is six million tonnes. If the price went up by Rs 85 per kg, sugar mill owners earned Rs 85,000 per tonne, he said, adding that in total, sugar barons would earn Rs 510 bn only due to the hike in price.
چینی سے کتنا منافع کمایا گیا؟ سویابین سے کس طرح مرغی مہنگی اور مال بٹورا گیا؟ کس طرح کھانے پینے کی اشیاء کی مہنگائ 50 فیصد پہنچائی گئ؟ pic.twitter.com/IdTu50FwFf
— Muzzammil Aslam (@MuzzammilAslam3) August 31, 2023
He said that if the current price of sugar remained unchanged till November, the sugar mill owners would earn an extra Rs 127 bn in profit. If in the past six months, the average price hike was Rs 80, it would add up to Rs 255 to Rs 260 bn in profit.
The profit was more than a quarter of the entire country’s annual development expenditure, Aslam claimed.
He said that if the government levied a tax on the profit of sugar mills, it would have the fiscal space to give a major relief in power bills to the masses.
The PTI’s allegations have been denied by the sugar mill owners, who say that the price hike is due to several factors, including the increase in the price of sugarcane, the depreciation of the rupee, and the rising cost of production.
The government has also defended the decision to export sugar, saying that it is necessary to ensure food security for the country.
The sugar price hike is a major issue in Pakistan, and it is likely to remain a hot topic in the coming months.
