The wholesale market is currently facing a substantial surge in sugar prices, causing concerns among consumers and traders alike, reported the 24NewsHD TV channel.
Over just one week, the rate for 100 kilograms of sugar has witnessed a staggering increase of Rs. 1200, reaching a new high of Rs. 13,200 in the market.
The increased rate is a cause for worry, prompting discussions about the factors contributing to this abrupt escalation.
Likewise, a 50 kg bag started selling for Rs 6600 in the market.
Sugar traders attribute this rapid spike to the resurgence of the sugar mafia and their influence in state-controlled markets.
In a short span, the wholesale price of sugar has risen from Rs. 120 to Rs. 132 per kilogram impacting the overall market dynamics.
Retailers have linked the price hike to collusion between sugar mill owners and major sugar dealers implicating them in manipulating prices for their benefit.