Government import of 10L tons cuts Pune sugar prices
India
Sugar just got a bit cheaper in Pune, thanks to the government's move to import 10 lakh tons.
Wholesale prices slid from ₹67 to ₹61 per kg in a single day, and retail rates dropped by ₹5 to around ₹70 per kg.
Even so, some shoppers are still hoping for more price cuts before festival season kicks off.
Traders deny sugar hoarding
Traders say hoarding isn't really happening. Most sales money goes straight back into buying new stock for the busy festive months.
Only about 35% of sugar is sold directly to consumers; the rest goes mainly to big buyers like beverage and candy companies.
Meanwhile, some wholesalers blamed a section of the sugar mills for the earlier rise in prices, claiming that the mills had increased the prices at which they offered sugar to wholesalers.