๐ Sugar price hike blamed on speculation, not shortage
Sugar prices have jumped by 29% in one month, according to the industry body ISMA. This spike occurred with bulk consumers stocking up and speculative behavior driving the artificial tightness in the market. As of Monday, the average all-India retail price reached Rs 63 per kg, up from Rs 48.7 per kilo a month prior. ISMA dismissed diversion for ethanol as a cause, noting only 290 crore litres were used out of 1,200 crore litres. The industry hopes government measures will lead to a price reduction in the coming days. ๐