Commodity Trading on the International Market-Information service on prices |12 October 2007

The information will be available on Page 3 of the Seychelles Nation every Friday.

Where possible the prices c.i.f. (the cost, insurance and freight for importing a commodity up to Port Victoria and the airport) of some commodities will be published.

Using the price control regulations it will also be possible for traders and consumers to have an indication of the estimated retail prices of imported commodities.

However, the information will be a guide only as costs of imports are influenced by prices at source, and other factors such as contracts, quantity, supply and demand, currency fluctuations and freight.

The information on the trading of commodities will enable importers and consumers to monitor international prices of basic items.

The c.i.f. value of petrol (bennzin), for example, has gone up from R3.54 a litre end August to R4.38 a litre as at the end of last week. A litre of diesel was costing R3.68 c.i.f. and at the end of last week the price rose to R4.99.

In New Delhi, India, a kilo of both onions and potatoes were retailing at between 30-40 Indian rupees a kilo during the first week of October. That is one US dollar a kilo or 8.01 Seychelles rupees a kilo. The wholesale price in New Delhi for the two commodities was 22 Indian rupees a kilo, or over four Seychelles rupees a kilo.

Seychelles Nation will seek information on the prices of a variety of other items such as construction steel, timber, plywood, powdered milk and maize.

Interestingly, whilst doing research to launch the price information service, Seychelles Nation discovered that produce and products such as cinnamon, vanilla, patchouli and copra which Seychelles were renown for are still listed on the international market.