A few hours after Illovo Sugar Malawi announced a 33% increase in sugar prices, the company’s Managing Director Lekani Katandula says there is likelihood that the prices might drop sooner than expected once the company intensifies production at Nchalo in Chikwawa District.
Katandula says the prevailing sugar prices on the market, which even saw vendors selling the commodity at K4,000 instead of the recommended price per Kilogramme, have been triggered by scarcity of the commodity.
“Prices are expected to normalise to K2600 per Kilogramme for refined sugar and K2300 for brown sugar as production intensifies in the next two weeks,” he said.
According to Illovo, the adjustment of its sugar prices earlier today is on account of high fertilizer prices as well as the revised minimum wage
