New Delhi. The government's efforts to control rising sugar prices seem to be yielding results. There is news of sugar price falling on Wednesday. And sugar prices are expected to reduce further in a few days. In view of the continuously increasing price of sugar, the government has implemented rules related to its storage, import and refining. After the implementation of these rules, the price of sugar is decreasing.
According to the sugar market, the price of sugar in Delhi on Wednesday was Rs 62 per kg. Whereas, it had touched the price of up to Rs 68. At the same time, the rate of sugar in Mumbai reduced from Rs 68 to Rs 61, in Hyderabad from Rs 70 to Rs 62 and in Chennai from Rs 70 to Rs 65 per kg. The price of sugar per quintal in the wholesale market of Mumbai has reached Rs 5800. Whereas, on August 22, the rate of sugar in Mumbai was Rs 6750 per quintal. The price of sugar in Delhi wholesale market is Rs 6000 per quintal. The price of sugar in Delhi had touched Rs 6600.
After the continuous increase in the price of sugar, the central government first made a new rule for its storage. A rule was introduced for those who use 10 tonnes or more sugar in a month to store it only for 15 days. After which the government decided to import 10 lakh tonnes of raw sugar. The government also implemented a rule that imported raw sugar would have to be refined and sold in the market within two months. Also, sugar mills have been asked to release the August stock in the market at any cost. The government has already said that sugar production is likely to reduce this year due to rain. There are signs of decline in sugar production even in Brazil, the largest exporter. India ranks second in the world in sugar exports.