By Staff Reporter
The Zimbabwe Sugar Association (ZSA) has moved in to reassure consumers of adequate stock as panic and price hikes of sugar has ensued post the introduction of the new local currency the ZiG.
Price distortions in the pricing of sugar and rumours of a looming shortage in the market has opened doors to unscrupulous business and dealers to swindle the public through extortionate pricing of the commodity.
” The Zimbabwe Sugar Industry currently holds adequate sugar stocks for local consumption. The demand for sugar will spike as a result of the operating environment and speculative behaviour by some market players. However, despite these factors , the stocks on hand are adequate to meet normal local demand,” said Mr Willard Zireva the Chairperson of ZSA.
Whilst the statement by the association speaks of adequate supplies, it did not specify the factors in the operating environment that will lead to a spike in the demand of the commodity.
The statement by ZSA also teh recommended pricing for sugar fir both wholesalers and retailers.
” The ZSA advises all stakeholders and the general public that the recommended unit shelf price of table sugar remains unchanged at US$2.60 for wholesale and US$ 2.76 for retail of SunSweet, with Gold Star white sugar retailing at US$ 2.80 per 2kg unit.
The cane milling season is set to resume mid-April and this expected to further boost the existing stocks of sugar.