Oversupply of sugar from world markets results in Sugar King reducing prices on products
Namib Mills this week announced a price decrease on it’s Sugar King products effective 28 May. On average, the price decrease will see White sugar decreases by 16% while Brown sugar decreases by 11%.
According to the company’s spokesperson, Ashante Manetti, this price decrease is due to an oversupply of sugar from world markets as well as strengthening of the Namibian Dollar against the US Dollar compared to last year.
Manetti explained that these factors triggered more affordable sugar from international sources, which in turn prompted a price decrease from large sugar producers in South Africa.
“Namib Mills is committed to Namibia. The company highly values its customers, suppliers, and all other stakeholders, therefore, it is important to Namib Mills to not only focus on great quality, excellent customer service and meeting consumer needs, but also to live in accordance with our values of being transparent with our customers and consumers,” Manetti said in a press statement released this week.