The prices of sugar have fallen by 14 per cent in the domestic market. The cost of wholesale sugar price has reduced from Sh4,700 to Sh5,500 for a 50-kg bag. Subsequently, ex-factory prices have declined from Sh5,000 for a 50-kilogramme bag to Sh4,100.
According to government officials, the market corrected itself without any official intervention. And it seems that normal supply has resumed in the market.
According to the media report, an official said, “The prices might have come down after the hoarders released their sugar stocks. After realising that they will not be benefited, hoarders opted to release the stock to the market.”
The Sugar Directorate has taken note of the fall in the sugar rates and said that it will investigate the reasons behind the fall in the sugar prices.
The import of sugar has created a negative impact on the local sugar industry resulting in the piling of stocks, Agriculture Secretary Peter Munya had banned the import of sugar and revoked all the import permits that were current.
To Listen to this News click on the play button.