LAHORE, Nov 2: Pakistan Sugar Mills Association (PSMA-Punjab) chairman Zaka Ashraf says the recent increase in the prices of sugar is a temporary phenomenon caused by Eid holidays as the wholesale markets had remained closed for five days.

In a statement issued on Thursday, he said the sugar supply to the market had disrupted owing to non-availability of transport and other factors. However, he said now the buyers had resumed their trade as the supply to the market was normalized, and sugar prices had now stabilised and were coming down in certain areas.

“There are adequate supplies of sugar from mills to the market, and there is no shortage of sugar anywhere,” he said.

He said the crushing would start according to an understanding with the federal government. He said the mills were still having more than adequate sugar stocks to the extent that a huge quantity might have to be carried forward in to the next crushing season. Therefore, the market shall remain stable with a slight variation which was normal.