Sugar importers hike price, Finance Ministry insists no

The back and forth between the Government and sugar importers continued yesterday as importers vowed to increase the wholesale and retail prices of sugar on the same day that the Finance Ministry warned of stern action against importers jacking up prices.

On Monday, the Finance Ministry made sugar bitter for traders by slapping a Rs.12 per kilo levy on imports while assuring that the hike would not have an impact on retail prices. 

In response, the sugar importers said yesterday that they will increase the wholesale price by Rs. 15 per kilo and retail price by Rs. 25 per kilo with immediate effect. 

It is unclear what action the Government will take if the impasse continues.