It’s a good weekend for bakers, candy-makers, and the entire community as the price of sugar has gone down by as much as P6 per kilo.
The National Price Coordinating Council (NPCC) confirmed the downward trend in sugar, alongside with cooking oil, flour, chicken, and vegetables and further reductions are expected before the Holy Week.
“Refined sugar has already gone down from the price range of 64-65 to 58-60 because as the Sugar Regulatory Administration (SRA) has reported, we are now experiencing the effects of the industry’s peak of milling season,” Trade Secretary Gregory Domingo said. “We now have a sugar supply build up and the latest mil lgate prices are averaging to P1,800.00 per sack of raw sugar which should translate to P54.00 per kilo of refined sugar."
Demand for sugar based on reports from sugar mills and refineries is on a slowdown, with low withdrawals leading to a high inventory of 42 percent as traders avoid stockpiling in anticipation of a downward trend in ex-mill prices as milling is at its peak and consumption is down.