Lashing out at the PDM government for opening the floodgate of inflation, Pakistan Tehreek-e-Insaf Focal Person on Economy Muzamil Aslam made a startling revelation that the sugar moguls pocketed around Rs. 255 to Rs. 260 billion in profit during the last six months due to alarming escalation in sugar price.
PTI Focal Person on Economy said that if the current price of sugar remained unchanged till November, the sugar barons could earn a whooping Rs. 127 billion extra in profit. He stated that the sugar price doubled during the last three to four months that compounded the miseries of the inflation-ridden and poverty-stricken masses manifolds.
Muzamil recalled that sugar was available at Rs 85 per kg 16 months ago when PTI government was toppled through conspiracy but now the commodity was being sold at exorbitant rate ranging from Rs. 150 to Rs. 180 per kg. He stated that the annual consumption of sugar in Pakistan was six million tons, as five lakh tons of sugar was being consumed per month in the country.
Muzamil revealed that an increase of Rs. 85 per kg in the price of sugar would earn a profit of Rs. 85,000 per ton, adding that if calculated the annual profit, the sugar moguls would pocket a whooping Rs. 510 billion in profit from the sale of only six million ton. He raised a question as how much money the sugar mafia would have earned due to the massive increase in the prices of sugar.
Muzamil stated if the price of sugar remained the same till November, the people associated with sugar business would get a whooping Rs. 127 billion extra in profit. PTI Focal Person on Economy went on to say that in the last six months, the sugar mafia earned around Rs. 255 to Rs. 260 billion in profit during the last six months, which meant more than a quarter of the entire country’s annual development expenditure.
