SRA says there is ‘unreasonable’ spike in sugar prices
The Sugar Regulatory Administration (SRA) said there was an unusual spike in sugar prices lately, prompting the agency to “closely monitor” the situation.
SRA Board Member Roland Beltran said in a Manila Bulletin report that despite the agency’s assurance that there will be enough supply of sugar for the crop year, there was still an “unreasonable spike” in prices.
“We are closely monitoring the prices [because] despite our assurance that we have sufficient supply of raw sugar, the domestic market prices are [still] unreasonably moving upward to the detriment of the consuming public,” Beltran said in the report.
The Visayas Average Bid Prices for the production week-ending April 8 showed that the price of domestic raw sugar, or “B”, has increased by 17.82 percent to P1,657.35 per 50-kilo bag from P1,406.67 recorded last year.
Beltran has not yet revealed the agency’s “suspicion” in terms of what could have triggered the unusual spike in prices.
SRA earlier scrapped the allocation of local sugar production to world market amid falling output.