Sugar prices have crashed across India after the Modi government launched a fierce crackdown on hoarding and approved duty-free imports. Retail prices have fallen by Rs 5 to Rs 7 per kilogram in just two days. Wholesale rates have dropped below Rs 6,000 per quintal for the first time since the recent price spike. Consumers across major cities are finally getting relief after weeks of soaring costs.
Retail Sugar Prices Drop Across Major Cities
According to ChiniMandi data, Delhi saw sugar fall to Rs 63 per kg on Tuesday from a high of Rs 68. Kanpur prices dropped from Rs 69 to Rs 63. Mumbai recorded a decline from Rs 68 to Rs 62 per kg. Guwahati eased from Rs 71 to Rs 64. Hyderabad fell from Rs 70 to Rs 63 and Chennai dropped from Rs 70 to Rs 67 per kg. The declines have been sharp and widespread across retail markets.
Wholesale Market Sees Steep Decline
In Mumbai and Raipur, wholesale sugar prices have fallen below Rs 6,000 per quintal. Mumbai saw a sharp drop of Rs 850 per quintal. Delhi wholesale rates settled at Rs 6,000 per quintal, down from a peak of Rs 6,600. Kanpur wholesale prices also recorded a significant decline. The wholesale crash signals that prices may fall further in the coming days.
Government Action Triggers Price Correction
The sharp spike in sugar prices after August 17 had alarmed the government. Delhi prices rose from Rs 59 on August 17 to Rs 62 on August 18. It then climbed to Rs 64 on August 19 and Rs 67 on August 20. The rate hit Rs 68 on August 21 and stayed at that level on August 22. The government immediately ordered anti-hoarding operations and tightened monitoring of sugar mills across the country. It also approved duty-free import of 10 lakh tonnes of raw sugar. These strong measures have now forced prices down across the retail and wholesale markets.
