Supplier reduces prices of fertilizer…cites currency appreciation

The business community is slowly responding to recent positives in the local economy, with latest being one of the major importers and suppliers of fertiliser in the country which has announced a 15 percent reduction in prices of the commodity in its outlets.

Nyiombo Investment Limited issued a statement on Friday that it has slashed retail prices of its fertiliser, owing to the recent appreciation of the local currency.

The company says following the price reduction, a 50 kilogramme bag of fertiliser would now be sold at an average price of K15,500 at its 39 outlets throughout the country, down from K17,800.

“As a proud Malawian company, we are responding to the recent economic trends in the country by trickling down the benefits to the end user,” reads the statement from the company.

The company has since promised to continue passing on all accrued benefits of economic recovery, especially as the farming season starts.

In an interview later, Nyiombo Investments Finance and Administration Manager, Honest Tembo, said the 15 percent price reduction means a 50 kilogramme bag of fertiliser is now being sold at an average price of K15 500 down from K17 800.

“But prices vary depending on location of the shops since transport costs are also factored in the price calculation,” said Tembo.

The company, which has a share of 30 percent of the local fertiliser market, said it sold over 40,000 metric tonnes of all types of fertilisers during the last farming season. – By Kingsley Jassi