KARACHI, Aug 1: Millers have raised prices of various flour varieties by Rs40 per 50kgs (Rs8 per 10kgs) owing to increase in wheat prices.

The new rates of 50kg bag of super fine flour (maida), fine atta and atta No 2.5 is Rs1,730, Rs1,715 and Rs1,620 as compared to their earlier rates of Rs1,690, Rs1,675 and Rs1,580 respectively.

The new rate of 10kg flour bag would be Rs328 as against Rs320.

Wheat prices started rising ahead of Ramazan when these shot up to Rs2,640 to 2,650 (100kgs) from 2,600 in the first week of July.

Flour millers said that they had also reduced rates when wheat prices fell to Rs2,775 per bag from Rs2,850 a week earlier, but these again reached Rs2,825-2,850.

The rate of Ashrafi, Bake Parlour had been hovering between Rs350 and 360 at various retail outlets.

Subsidised flour is also available in the city and at utility stores at Rs230 per 10 kgs.

Flour millers said hoarding of wheat by some traders had pushed up price of wheat followed by reports of wheat export in July.

Pakistan Flour Mills Association (Sindh Zone) Chairman Mumtaz Shaikh said that wheat prices had been moving up owing to increase in international rates in July. Traders, who have huge stocks, are fully cashing in on the situation.

The Sindh government holds stocks of 1.5 million tons of wheat.

According to figures of Pakistan Bureau of Statistics, wheat export in June 2012 plunged to 5,592 tons ($1.6 million) as compared to 37,294 tons ($11.4 million) in May 2012, while it was 316,225 tons ($99 million) in June 2011.

Wheat exports in July-June 2011-2012 also fell sharply to 409,364 tons ($126 million) from 1.78 million tons ($587 million) in July-June 2010-2011.