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Nov 13, 2010 News

GuySuCo threatens sanction against price-gouging wholesaler

The Guyana Sugar Corporation Inc. (GuySuCo) says that it is investigating reports that sugar prices have increased in some areas because of one wholesaler.
According to GuySuCo yesterday, it was disturbing to note reports that some retailers had been complaining that prices have increased from between $6,500 to $8,500.
One newscast had quoted vendors as wondering whether the increase was linked to the ongoing strike action by sugar workers on the estates.
“GuySuCo wishes to categorically state that it has not increased its prices for sugar to its wholesalers, and as a result is alarmed at this new development. As a result, it has launched an investigation into the issue.
“Once identified and the allegations substantiated, the individual wholesaler will be struck off the list of GuySuCo’s authorized distributors.”
The Corporation said that it is indeed unfortunate that such a situation could occur, under the auspices of the Minister of Agriculture, had held a meeting on November 1, at the LBI Community Centre Ground, with all quota holders to discuss the strategic direction of the sugar industry in 2011.
“The Corporation uses this opportunity to assure members of the public that it has adequate supply of sugar for the local market and will not tolerate any instances of price gouging, particularly as the holiday season approaches.”
Shop owners have been saying that they were forced to pay in some instance over $9,000 for one 100-pound bag.

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