PUNE: Wholesale and retail sugar prices have dropped in Pune although consumers say retail prices still remain high.
Ishwar Nahar, president of the Pune Sugar Merchants Association, told Hindustan Times that wholesale sugar prices have fallen from ₹ 67 per kg on Monday to ₹ 61 per kg on Tuesday. Nahar said that only about 35% of the country’s total sugar consumption is sold through retailers to consumers. The remaining 65% is purchased by bulk buyers, including beverage and pharmaceutical companies and businesses involved in manufacturing confectionery and sweets.
“Traders cannot afford to hoard sugar. The money generated by selling sugar to retailers is used to purchase fresh stocks from sugar mills.
“We expect prices to decline further as the Centre’s decision to import 10 lakh tonnes of sugar has had a positive impact on the market,” Nahar said while denying allegations of hoarding by traders, saying that the practice is not financially viable, especially ahead of the festive season. With the festive season approaching, no trader can afford to block their money by hoarding sugar,” he said. “The wholesalers are in no way responsible for the rise in sugar prices,” he said. Meena Patil, a homemaker, said that retail prices will fall further before the festive season begins. “Paying ₹ 70 per kg will pinch consumers’ pockets,” she said.
