Sugar prices may decline next week due to good harvest: producers group
Sugar prices may decline next week because of good harvest before Severe Tropical Storm ''Paeng'' struck, the head of a sugar producers group said Wednesday.
“Our mill gate price starts at P70 per kilo. But it is down to P55 because we have harvested a lot of sugar. That’s why it will be sold at a lower price in the market,” United Sugar Producers Federation (Unifed) president Manuel Lamata told dzBB.
“The P100 per kilo cost of sugar will not last long. Maybe by next week, the price could become lower,” he added.
Unifed on Monday released a statement asking President Ferdinand Marcos, Jr., who also serves as the concurrent Agriculture secretary, to raise the retail price of sugar in major supermarkets from P70 to P85 per kilo to help farmers recover. Jaspearl Tan/DMS
