PM Sharif Slams Sugar Profiteers, Prices Fall as Crackdown Hits Hard.

Prime Minister Shehbaz Sharif has unleashed the full might of the Federal Board of Revenue (FBR), Federal Investigation Agency (FIA), and Intelligence Bureau (IB) to tackle sugar industry tycoons allegedly pocketing a staggering Rs140 billion through shady dealings, as revealed by recent reports.

In a bold two-step plan, government and intelligence operatives have been deployed to sugar mills nationwide, keeping a hawk-eye on financial dealings and sniffing out evidence of wrongdoing. They've dug up a treasure trove of data exposing shady transactions, secret stockpiles, and market trickery that’s been rotting the industry for years. Armed with this intel, authorities are gearing up to slam the culprits with charges under laws targeting money laundering, tax dodging, and hoarding.

Reports say the prime minister is personally steering this no-nonsense operation, vowing that political clout won’t shield anyone from justice. In the next phase, if the market doesn’t shape up, the government is ready to go after mill owners caught hiding stocks or juggling fraudulent accounts to rig prices.

The crackdown’s already shaking things up—sugar prices are sliding. Before the hammer dropped on March 13, a kilogram of sugar was going for Rs175-185 in Lahore and nearby areas. By March 16, it dipped to Rs165.

Today, the Ministry of Production has hauled sugar mill bosses and big-time dealers to Islamabad to grill them about the Ramazan price surge, despite a deal with the Sugar Mills Association to keep rates steady for export perks. Sugar prices had been creeping up for months—starting at Rs137 per kg on November 22, 2024, when the crushing season kicked off, and soaring to Rs173 per kg by March 14, 2025. In cities like Lahore, Karachi, Faisalabad, Peshawar, and Quetta, it hit Rs180-185.

Market buzz had speculators betting on prices climbing to Rs200 per kg soon and even Rs220 by November 2025’s season end. Investors and dealers jumped in, snapping up sugar stocks for a big payday. But officials smell a rat—suspecting millers, wholesalers, and distributors cooked up a scheme to jack up prices. By their math, with ex-mill costs and taxes, sugar should retail at Rs155-160 per kg tops, not the inflated rates seen lately.

Raids by the FIA, IB, and FBR have uncovered a web of evidence tying stockists and distributors to price rigging. With the PM’s green light, this operation’s set to roll on, aiming to crush artificial inflation and stabilize the sugar market for good.