New retail sugar prices announced as Tongaat Hulett doubles sugar price
Tongaat Hulett Zimbabwe doubling of sugar price with immediate effect almost doubled the price of sugar.
Recommended new retail sugar prices
Yesterday Tongaat Hulett Zimbabwe, the sugar producer pegged a 1kg packet of brown at $63,84 from $32,58 while a 2kg packet is now costing $127,68 from $65,17. A 5kg packet of brown sugar is now selling for $319,20, while a 10kg at $638,40.
The recommended selling price for a 1kg packet of white sugar, according to Tongaat Hulett is now $67,21 from $34,29, while for a 2kg packet is $134,42 from $68,57.
The price of a 5kg packet has been pegged at $336,04, while a 10kg packets now costs $672,09.
The price adjustments by Tongaat Huletts were justified to match the increasing production costs, this is according to Zimbabwe Sugarcane Farmers Development Association (ZSFDA) chairperson.
“An example is that as sugarcane growers, input costs have gone up and it is pegged at US$500 to produce a tonne and when we sell that tonne we only get an equivalent of US$273. So how do we expect us to produce when the production cost is more? We are selling our sugarcane at a price which is below the production cost,” ZSFDA chairperson Edmore Veterai said.
He revealed that the locally produced sugar was the cheapest in the region hence price adjustment was inevitable to improve supplies. The new price of sugar is in relation with the adjusted interbank rate.
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New retail sugar prices announced as Tongaat Hulett doubles sugar price: Source : Savannanews