Shyben Madi Reduces Sugar, Cooking Oil Prices

According to a press release from Shyben A. Madi & Sons, subsequent to the recent rise in the value of the Dalasi, the trading company has been reducing the prices of some of the commodities it has since been trading in. Notable among the goods whose prices have been reduced are cooking oil and sugar. Previously sold at D630.00 per 20- litre drum and D640.00 per 50kg bag respectively, the two essential commodities now sell at D450.00 and D460.00 respectively. “Cooking oil which was sold at around D630.00 per 20 liter drum in July is today sold at D450.00. A 50kg bag of sugar which was sold in July at D640.00, is today being sold at D460.00.”

The release however explained why the company could not do likewise with the price of wheat flour, noting that “the world’s stocks of wheat are at its lowest in thirty (30) years. This fact has led to an increase of around fifty (50) percent in the international prices of wheat, factors which are beyond our control.” The Management of Shyben A. Madi also stated in the release that a “report detailing this situation has been shared with the relevant authorities for their information and records. Currently we are selling a 50kg bag of wheat flour at D650.00.

“However, we wish to once again urge all retailers to reflect the above price reductions,” the release concluded.