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Thursday, April 16, 2015

Sugar prices ease by Rs. 10 in a year, Rs 30 in a week

The retail price of sugar has dropped by Rs 2-3 per kg during the past week, bringing sweet relief to households burdened by the rising cost of living. Loose sugar is selling for Rs 30 per kg while the finer packaged variety is available for Rs 3435. Rates had reached an alltime high of Rs 40-45 in 2014.

TOI had reported on Thursday how Maharashtra is likely to show record sugar output at 103 lakh tonne in 2015. Experts say imports from Brazil have also lowered rates.

The surfeit has pleased consumers. At Lokhandwala Complex, prices have dropped from Rs 36 per kg to Rs 34. Housewife Neeta Nainani said, "We were paying an exorbitant rate of Rs 40-45 per kg for sugar through 2013-14. Families are already burdened by the rising cost of cooking gas, pulses, edible oil and spices. So it is nice to see the price of one or two essential items reduce.Potato has also stabilized at Rs 12-15 per kg this year compared to the absurd Rs 25-30 of 2013-14."

At Apna Bazar's Mulund outlet, loose sugar is selling for Rs 30 per kg while ready packs of slightly refined quality are available for Rs 35, said salesman Ravindra Surve. In Pali Hill, Bandra, shopkeeper Sachin Mamniya of Vijay Stores is selling at the same rate.

Mukesh Kuwadia, honorary secretary of the Bombay Sugar Merchants Association, said wholesale rates had fallen by Rs 30 per quintal a fortnight ago but rose again by Rs 10-15 this week."Since 2014, the price per quintal (100 kg) has dropped to Rs, 2,750 from Rs 3,300.Local demand is low while exports are negligible.Brazil and Thailand are exporting large volumes at lower rates so Indian sugar is no longer viable internationally ," he said.

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