Manila: Consumers in the Philippines should see lower retail sugar prices soon, reflecting the drop in mill site prices in the current crop year, according to the Philippine Sugar Millers Association (PSMA), reported Philstar.
Accordingt to the PSMA’s Executive Director, Jesus Barrera, crop year 2023-2024 started with lower millgate prices of sugar so there should be “downward adjustments in retail sugar prices.”
Barrera acknowledged that there may be a delay in the retail market mirroring the reduced Millgate prices due to the sugar’s progression through the supply chain. However, he stressed the importance of ensuring market adjustments to retail prices to ensure that the decline in farmgate prices ultimately benefits consumers.
