Sugar prices will go up as the Fijian Competition and Consumer Commission has approved an increase in the price for ex-warehouse sugar by 90 cents per kilogram, effective from tomorrow.
The new ex-warehouse price for 1kg of sugar will be $2.30, $4.60 for 2kg of sugar, $9.20 for 4kg of sugar and $57.50 for 25kg of sugar.
FCCC CEO, Joel Abraham says this price change is effective for FSC and all retailers are required to make submissions to FCCC to obtain their approved retail price for sugar.
Abraham says he wants to caution unscrupulous traders seeking to exploit Fijians by hoarding, refusing to sell, and profiteering from this price change. He says the FCCC will ensure that no trader hoodwinks the people.
Abraham says the new prices are a result of extensive public consultations and exhaustive reviews of FSC’s financials.
He says they also considered significant shifts in the world sugar market and the spill over effects of a heavily-subsidized price of sugar on the health and well-being of Fijians.
Abraham adds it is estimated from FSC’s consumer demand projections that finance raised directly through this price change will benefit Fijian cane growers by up-to $17 million annually, which has the potential to further boost the sugar industry.
He says the beneficiaries of this price change are cane farmers who are currently selling high quality sugar cane at an artificially low price in the domestic market.
Abraham further says moving forward, they will monitor FSC’s financial and operational performance on a monthly basis.
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