Retailers concerned with speculative sugar prices in Zimbabwe

Published 2024년 4월 14일

Tridge summary

The Confederation of Zimbabwe Retailers (CZR) has expressed concern over the speculative pricing of sugar in Zimbabwe, with prices soaring to US$4.00 per 2kg, well above the recommended US$2.60 to US$2.80. CZR President, Mr. Denford Mutashu, blames the informal sector for the price hikes and reports difficulties in obtaining supplies from Zimbabwe Sugar Sales (ZSS), despite no official price increase from the supplier. The CZR is in talks with ZSS to ensure a stable supply and address delivery backlogs. Additionally, the CZR urges law enforcement and the RBZ Financial Intelligence Unit to act against those selling sugar at inflated prices, advocating for a sustainable pricing model to benefit the nation.

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Original content

Source: Retailers concerned with speculative sugar prices | Sunday News (Business) 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 ...

Source: Zimbabwesituation