Illovo Sugar Malawi Limited has raised by 9% sugar prices, it has been confirmed.
This is due to national equalisations scheme, according to the company. This comes weeks after the commodity had became scarce on the market.
According to the company’s publicist Irene Phalula the new prices are in respect to the forces that regulate the price of the commodity in the country.
The hike now means that price for 50 kilograms of brown bulk will be at K37 221.75 per bale.
White sugar in bulk will be at K37 571.25 per bale.
Therefore a bale of ten packets will be at K15 263.60 weighing 2 kilograms each for both white and brown pre-pack, according to the statement.
The ministry of industry, trade and tourism had last week given a 7 day ultimatum to Illovo Sugar Limited to make sure that sugar is available on the market and at recommended prices.
Some traders had taken advantage of the situation by selling a 1kg packet of sugar at as high as K1200.