Insensitive Illovo takes forex shortage advantage by hiking Malawi sugar prices: MK1,500 per kg

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Insensitive Illovo takes forex shortage advantage by hiking Malawi sugar prices: MK1,500 per kg
Insensitive Illovo takes forex shortage advantage by hiking Malawi sugar prices: MK1,500 per kg

Africa-Press – Malawi. BLANTYRE-(MaraviPost)-Illovo Sugar Malawi has announced an increase in price of Brown Sugar from MK1, 200 to MK1,500 per Kilogramme.

Price for White Sugar has also been increased to MK1,660 per Kg. The increase is effective, October 21, 2022. This comes amid high cost of living Malawians are going through coupled with forex and fuel shortage. The company has announced the hike in a statement saying the decision has been made to curb illegal export of the commodity.

According to Illovo, the prevailing trends in exchange rates between Malawi Kwacha and Zambian Kwacha as well as Tanzanian Shillings and Mozambican Metical has made products from Malawi comparatively cheaper thus creating room for illegal exportation of sugar to the three neighbouring countries. The company added that the illegal exports could mean a shortage of sugar and other products that are also being smuggled.

“To mitigate this risk and ensure that we do not run out of products that are essential for our daily needs in the country, we have taken this tough decision to increase our prices in an effort to ensure that Malawians can have reliable and sustainable access to sugar,” reads part of the statement.

Illovo says the increase will help the country avoid much higher prices that would prevail in a situation where there is a shortage of sugar and companies are importing the commodity. In May this year, the company also hiked price of Brown sugar from MK900 to MK1,100 per Kilogram citing the 25% devaluation of the Malawi Kwacha.

Since Reverend Lazarus Chakwera took reigns of power two years ago, Malawians have never rested with high cost of living while him enjoying petty trips while siphoning taxes for personal interests than that of the general public.

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