The Competition and Fair Trading Commission (CFTC) says it will take to task any individual or company found hoarding or Charging higher prices for sugar which has now become scarce on the market.
This follows the unavailability of the commodity on the market which has resulted in the skyrocketing of prices and in some parts of the country is selling as high as K2800 per one kilogramme packet.
In response to reports regarding the proliferation of anticompetitive and unfair business practices emanating from the alleged shortage of sugar on the market, CFTC conducted inspection where it has been confirmed that other suppliers are conducting in unfair business practices.
According to CFTC press statement dated 29 January, 2024, signed by its Executive Director Lloyds Vincent Nkhoma, more suppliers are hoarding sugar at distributor level and are also pricing the product exorbitantly, beyond the recommended retail price.
Nkhoma in the statement further said other supiers are tying the purchase of sugar to the purchase of other products, charging higher prices for sugar while issuing lower valued receipts and has since warned that anyone who will be caught doing this, will face the law.
“Suppliers, consumers and the general public are, hereby, reminded that the business malpractices involving hoarding, excessive pricing, tying, misleading consumers as to price of a product with the view to take advantage of a situation, are violations of the Competition and Fair Trading Act (CFTA). All suppliers found engaging in such malpractices will be dealt with in accordance with the CFTA.
“CFTC is also encouraging the general public to be very proactive in reporting any possible violations including the above mentioned malpractices through the following: Toll Free Line 2489 WhatsApp +265 987 738 749,” reads part of the statement.
