SRA intensifies monitoring of sugar prices

Supermarkets, wet markets, and those selling higher than prevailing prices for sugar are now under scrutiny as the farmgate price for the sweetener continues to decline.

Based on a data from Sugar Regulatory Administration (SRA), the farmgate price of sugar is down by 18 percent to

per 50 kilogram as of week-ending October 7, 2018 from a high of 2,003.60 at the close of milling last July 2018.

SRA pointed out that prices of sugar has already been on a downward trend since the start of the milling season in September. It further went down when the agency allowed the importation of additional 150,000 metric tons (MT) of sugar.

To make sure that consumers will benefit from the decline in prices, SRA now continues to monitor prices in the supermarkets and wet markets.

SRA also gave the supermarkets the contact details of the mills and refineries so they can order their sugar directly at a lower cost. "I have been speaking to planters associations, planters federations and millers and they have agreed to make their sugar available at their offices to sell directly to the ordinary consumers at P50 for refined, washed and raw," SRA chief Hermenegildo Serafica said.

SRA is also encouraging planters’ associations to sell directly to the local groceries in their area.