Dangote Sugar Refinery Plc (DSR) has announced a 25 per cent reduction in the price of its product in response to the price of sugar at the International Commodity market.
According to the company, with the new price regime, Dangote has crashed the price of its 50kg bag from N8, 900 to N6, 660.
Managing Director of the company, Mr Abdullahi Sule attributed the development to the recent reduction in the price of raw sugar at the international market.
The reduction, he said reflects the trends in the international market where the price of raw sugar has dropped from about $0.26 cents to the current $0.19 cents. He said the company has a policy of passing the benefits of price reductions to the customers.
Already, with the price reduction rocking the market and some other sugar refineries alleging that DSR reduced the sugar prices to a level where it makes it difficult for competition to survive, Sule, explained that Nigeria was not a sugar producing nation, hence all raw sugar that are refined locally are imported from Brazil by all industry players and that there was nothing to hide.
The DSR chief executive explained that raw sugar is traded openly on the International Commodities Market with the prices available for all and sundry to see and/or verify.