Day after Narendra Modi govt effects import duty hike, sugar price soars Rs 2

Sugar prices today further rose by up to Rs 2 per kg to Rs 33.40 at the wholesale market in the national capital following a slew of measures by the Narendra Modi government including hike in import duty to bail out the industry.

Taking cues from the wholesale market, retail prices also increased by Rs 2 per kg to Rs 39-40 per kg.

Traders said that prices may further go up in the coming days as millers are not releasing the stock in anticipation of better returns.

There is more than 60 per cent drop in arrivals to 5,000 bags of 100 kgs in the wholesale market today as against 13,000 bags yesterday, they added.

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