The government is countering the unfair hike in the price of sugar by distributing packaged and bulk sugar through the Guyana Marketing Corporation (GMC) at a much lower cost than current prices elsewhere.
A notice published on President Irfaan Ali’s Facebook page, on Wednesday, noted that the GMC will be selling packaged sugar for $150 per pound, while bulk sugar will be sold for $140 per pound.
The GMC will be selling sugar at this cost from Thursday at locations In Regions Two, Three, Four, Five, Six and 10.
This announcement comes less than a day after President Dr. Irfaan Ali told reporters that the government will be distributing more sugar through the GMC to counter price gouging for sugar.
Price gouging occurs when a seller increases the price of goods or services to a level much higher than is usually paid or that is considered reasonable.
Many people have already turned to social media to express their dissatisfaction at being unable to purchase the packaged product, and the high costs sellers are selling the products for.
After much concern, GuySuCo’s Chief Executive Officer (CEO) Sasenarine Singh recently admitted that there is a shortage of packaged sugar in the country but said that the issue should be resolved in about two weeks time.
In addition to challenges with the weather, Singh also alleged that some of Guyana’s sugar has been smuggled abroad.
President Ali, on Tuesday, said he was not aware of such reports but did not rule out the possibility of that happening since supply shortages are hitting countries everywhere.
As such, Ali said he will task the local security forces with investigating the issue.