Rising gap between retail and mill sugar price raises an eyebrow

674

Manila: After the increase in the gap between the sugar prices at the mill site and the retail market, the Philippines government was requested to investigate the reason behind this. The Sugar Regulatory Administration (SRA) suspects that some sectors are earning profit by this gap in price at the expense of local farmers, workers and sugar producers.
SRA officials suspect that the wholesalers and the retailers are manipulating the prices to earn a profit.

Ronald Beltran, representatives of the millers in SRA Board, said, “The mills have succeeded in maintaining prices of sugar steady for past few months at P 1,450 to P 1,500 per 50-kilo bag. Any hike in sugar prices indicates it is artificial and manipulated.”

As per the observation of SRA, the price of refined sugar in retail was hiked to P 68.80 per kilo during the first week of this month which is now at around P 52 to P 65 a kilo.

Salvador Escalante, Board member of Confederation of Sugar Producers Associations, said, “A retail price of P 60 a kilo for sugar means the price at mill level is around P 3,000 per 50-kilo bag.”

Emilio Yulo, another producer at SRA, said, “The Department of Trade and Industry should do their job to monitor the difference in prices as the producers that are at receiving end are at a loss.”

“It is unfortunate that the agency that is appointed to look into the matter is not taking note of this. The producers and consumers, both are at a loss. The government should take note of this and act quickly,” he added.

LEAVE A REPLY

Please enter your comment!
Please enter your name here