Punjab sees steep decline in sugar prices after crackdown on hoarders

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Punjab sees steep decline in sugar prices after crackdown on hoarders
Punjab sees steep decline in sugar prices after crackdown on hoarders
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Following a strict province-wide crackdown on sugar hoarders, the commodity’s price has started easing in Punjab, The News reported Saturday.

The unprecedented jump in the price of sugar abruptly saw a turnaround with a sharp decline on Saturday as the ex-mill price nosedived to Rs120-125/kg from Friday’s Rs140.

Expressing his concerns over the crackdown and arrests, a dealer said, “The dealers are being detained without following any legal process in addition to some arrests of traders under dubious sections of Maintenance of the Public Order (MPO) Ordinance, 1960.”

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He confirmed that trading in the wholesale market had been adversely affected due to raids by the administrations. “Dealers are unable to lift sugar from the factories in such a hostile environment,” he observed.

He asked the government to allow the sugar chain supply to work to ensure the smooth flow of the commodity.

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