LILONGWE-(MaraviPost)-Illovo Sugar Malawi has raised prices of sugar from MK2,600 to MK3,000 per kilogram effective Wednesday, March 12, 2025 amidst economic crisis.
Illovo limited’s Acting Chief Executive Officer, Jimmy Mpunga told The Maravi Post that the company fully appreciate the economic realities.
He justified prices increase to sustain their operations against the backdrop of high inflation and depreciation of the Malawi Kwacha.
Mpunga said Production of sugar is a costly exercise and it is impossible to avoid an increase without ultimately paralyzing the operations.
“The increase would have come much earlier, though we taken into account the difficult economic environment,” said Mpunga.
Consumers Association of Malawi(CAMA), Executive Director, John Kapito said “It’s unbelievable that the ministry of Trade can approve such prices for illovo at this moment when illovo is not producing and blamed traders that hoards sugar for creating unnecessary scarcities”
Kapito said the same ministry of Trade discovers that traders that bought sugar from illovo were hoarding Sugar creating unnecessary scarcities and high pricing.
He wondered as from where the ministry gets wisdom to increase prices of sugar that the manufacturers produced a year ago which only benefit the same trader.
“Why are the same traders given to sell the same sugar at higher price when they bought it at lower price ,it is not making sense that someone is cheating consumers,” said Kapito
He therefore appeal to Competition and Fair Trade Commission (CFTC) to inform customers which sugar has illovo increased considering that they are out of season now.
The sugar price rise came amidst the Trade Minister, Vitumbiko Mumba, closing big retail shops including SANA and Chipiku for holding sugar from customers.
