Members of Retail Sector Says Sugar Prices Could Spike Through ‘Ber’ Months
SUGAR PRICES – Here’s the reason why sugar prices could go up further through the Christmas season.
In a previous article, major supermarket chains including Robinsons, SM, and Puregold previously agreed to lower their sugar costs to as low as P70 per kilogram. Authorities are also looking into cases of sugar smuggling, and warehouse owners are allegedly holding back supplies to profit from the price increase.
Based on a report from ABS-CBN News, members of the retail sector said Pinoy consumers are expected to feel the pinch of surging prices of sugar through ‘ber’ months.
Photo Source: Sugar Asia Magazine
According to the report, Market Master of Star Market projects Criz dela Cruz said retail chains would take advantage of the demand for sugar brought by employees receiving their holiday bonus and job recovery.
“Sigurado pong may pagtaas kasi ang demand, as we discussed, medyo dumagdag pagdating ng ‘ber’ months so nagte-take advantage ang presyo dahil maraming nangangailangan na i-consume, maraming silang nabibili and ’yung buying power medyo nag-i-increase kasi ngayon may trabaho na tapos Christmas season,” said dela Cruz.
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Photo Source: The Sugar Association
According to Liansel Sy, vice president of the Philippine Amalgamated Supermarkets Association, high petroleum prices may also be a factor. As the world’s demand for oil begins to surge, prices are expected to rise by P0.40 to P2.80 the next week.
“Tataas pa rin because of the incoming season sa Christmas season. The demand will definitely be higher, and sabi ko nga kanina na tumataas na ulit ang gasolina, so natapos ang [rollbacks] so I think it’s gonna follow everything,” Sy said.
Refined sugar prices increased to as much as P110 per kilogram, impacting both large stores and small enterprises. Given that they acquire their supplies from supermarkets, a number of sari-sari store owners also thought this would set off a domino effect.
“Hindi naman po kami puwedeng bumaba sa palengke kasi namamasahe po kami. Siyempre ibabawas ang pamasahe. Sa tindahan ang pinaka [patong] po namin is 20 percent,” Philippine Association of Stores and Carinderia Owners president Glo Jaradal said.
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