Retailers concerned with speculative sugar prices

12 Apr, 2024 - 10:04 0 Views
Retailers concerned with speculative sugar prices Confederation of Zimbabwe Retailers president Mr Denford Mutashu

The Sunday News

The Confederation of Zimbabwe Retailers (CZR) on Thursday expressed concern at the speculative pricing of sugar which is taking place on the local market.

The recommended retail price ranges between US$2.60 (ZiG 33.75) to US$2.80 (ZiG 37.80) for 2kgs of both brown and white sugar but some outlets are selling it for US$4.00 (ZiG54) per 2 kg despite the supplier, the Zimbabwe Sugar Sales (ZSS) not increasing its price.

In a statement, CZR president Mr Denford Mutashu said the speculative pricing of sugar was emanating from the informal sector.

“CZR however notes with dissatisfaction the number of widely branch networked retailers and wholesalers struggling to access product supply from the supplier,” he said.

“There are ongoing engagements with Zimbabwe Sugar Sales (ZSS) to ensure supply into formal channel retail and wholesale stabilizes and all delivery backlogs are cleared.”

Mr Mutashu urged law enforcement agencies to investigate and arrest all the dealers who are selling sugar above the recommended price.

“CZR therefore implores the Zimbabwe Republic Police (ZRP) Licensing Inspectorate and the RBZ Financial Intelligence Unit (FIU) to pounce on all unscrupulous traders selling sugar above the recommended retail
price,” he said.

“It is our duty as the business community to come up with a healthy and sustainable pricing model for the benefit of the nation at large.” – New Ziana

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