Latest update December 25th, 2024 1:10 AM
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Sugar, rice, cooking oil prices jump
– GuySuCo denies sugar shortage
The Guyana Sugar Corporation (GuySuCo) yesterday denied that the local market is suffering from a shortage of sugar.
The Corporation said in a release yesterday, that consumers should not pay blackmarket prices.
As of December 14, the sugar price remained the same with the wholesale price for a 110lb bag set at $5,000.
The retail recommended price is $6,000 for the same 110lb bag or $55 per pound.
GuySuCo stressed that the sugar sold monthly to an approved list of wholesalers, distributors, retailers and manufacturers is adequate to meet the market. However, while GuySuCo was saying one thing, retailers were saying another.
GuySuCo has denied that there is a shortage of sugar on the local market.
Some shop owners, especially those on East Bank Demerara, said that they were paying as much as $7,500-$8,000 per bag,
“And plus they (distributors) telling us they don’t know when we getting again.” It is not the first time that GuySuCo has assured that it has allocated enough sugar for the local market.
Earlier this year, the Corporation revamped its list of distributors to protect the market and prevent smuggling. A number of areas had claimed that there were shortages.
Recently also, GuySuCo said that it was investigating how a shipment of rice contained sugar that was obviously smuggled from Guyana. It was also investigating reports that at least one distributor was overcharging buyers.
But sugar is not the only item fetching high prices as demand grows for the Christmas season.
Yesterday shop owners said that rice prices, hovering around $3,800 per bag a few weeks ago, had jumped to $5,500. Soya oil, growing in popularity, has risen from $4,800 for a case of 20 one-liter bottles to $7,200. “Everything else gone up too,” a Grove shop owner said.
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