Sugar prices have skyrocketed in the market amid declining sugarcane production and increased stockpiling by traders, according to experts who attributed the sharp rise to multiple factors but ruled out diversion of sugar towards ethanol production as the main reason.
Opposition parties have been targeting the Centre over increased ethanol blending in petrol, alleging that the policy was pushing up sugar prices and imposing an additional financial burden on people.
The government has rejected the claims and instead blamed the industry for jacking up prices despite the country having sufficient stock to meet domestic demand.
The rate of loose sugar in Chhatrapati Sambhajinagar, Maharashtra, has risen to Rs 75-80 per kg, a supermarket owner said on Sunday.
Experts attributed the sharp rise to multiple factors but ruled out diversion of sugar towards ethanol production as the main reason.
Former Maharashtra Sugar Commissioner Shekhar Gaikwad said sugarcane production and yields are .
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