Ethiopian Review

Addis Ababa – The Ethiopian Sugar Development Agency announced that it has launched a new sugar auction procedure so as to tackle unnecessary competition in the sugar auction process.

The new auction procedure has been put into practice beginning last week.

Agency Director General, Belay Dechasa told WIC that the newly introduced procedure would play an important role in bringing down the rising price of sugar in the market by allowing participants of the auction operate in the free market system.

The new procedure would reduce price of sugar to as low as 11 birr and 55 cents per kilogram. The agency would readjust the minimum and maximum price of sugar every two weeks to stabilize the price of sugar in the country in line with the price of sugar in the global market.
The cause of the current price hike was the unnecessary competition and unfair trading system created by some business men, he added.

The agency has introduced the new procedure as per the suggestions it received from members of the House of Peoples’ Representatives (HPR).

(WIC)