As the economic crisis continues striking Malawi, Illovo Sugar (Malawi) Limited has been forced to hike its sugar prices by 10 percent in response to the depreciation of Malawi Kwacha.
Confirming the development, Ireen Phalula, Illovo Sugar Limited public relations officer told the press that Malawi Kwacha has depreciated significantly since the last price adjustment last year hence the increment.
She explained that the weakness of the currency negatively impacts operations of the company since some of its production inputs are imported from abroad.
She also explained that a weak currency impacts key inputs and any imported expertise required to complement locals in maintaining the factories and overseeing agricultural operations.
With effect from Monday, 50 kilogrammes (Kg) of brown bulk per metric tone (MT) will be at K495, 900 ($886) and K28, 886.18 ($52) per bale while white bulk will be at K508, 300 ($908) per MT and K29, 608.48 ($53) per bale.
Consumers will pay K506, 500 ($904) per MT and K11, 801.45 per bale for 20 packets of brown pre-pack at 2 Kg and K504,100 for white pre-pack per MT and K11 745.53 per bale for the same.