Sugar, oil: Cevital has not increased prices

ALGIERS – Chief Executive Officer Cevital Issad Rebrab declared Saturday that his group has not increased prices of sugar and oil, its two main products, blaming the current hike of prides to speculation by whole and retail merchants.

“We clarify that Group Cevital made no increase in sugar and oil prices despite a continued rise in commodity prices on the international market,” said boss of Cevital, the largest sugar and oil producer in Algeria, at a press conference.

Cevital continued, through the use of its stocks of raw material to offer lower prices than international markets’.

Sugar is sold at DZD79.50 per kilo by Cevital to the factory and at DZD99 in retail stores in the group, he argued. Expressing his “extreme surprise” by the prices at the wholesale and retail distribution channels, he attributed the price surge to new measurements of the financial act in 2009 to curb the informal markets.