Dangote Sugar Refinery Plc (DSR) has announced a 25% reduction in the price of its product, in response to the price of sugar at the international commodity market.
With the new price regime, Dangote Sugar crashed the price of its 50kg bag from ₦8, 900 to ₦6, 660.
The Managing Director of the company, Abdullahi Sule, attributed the development to the recent reduction in the price of raw sugar at the international market.
The reduction, according to Mr. Sule, reflects the trends in the international market where the prices of raw sugar have 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, Sule explained that Nigeria is 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.
DSR chief 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.