Following the South Sudanese Pound’s (SSP) advance against the US dollar, traders in Torit town decided to lower product prices by thirty percent on Thursday after an urgent meeting with the Eastern Equatoria State Ministry of Trade and Industry.

In Torit, USD 100 is now worth SSP 170,000, down from SSP 210,000 just a few days earlier when it was worth USD 200,000.

The dealers blamed the depreciating local currency for the sharp rise in commodity prices.

Although merchants agreed to lower commodities prices by thirty percent, Mulinda John, the Ugandan Business Community’s representative in Torit, told Radio Tamazuj that rising fuel costs are a contributing factor in commodity price increases. He urged the administration to address fuel prices in addition.

He stated, “We, the traders, shall abide by the law and continue reducing prices as the dollar also keeps reducing since the director general of the state trade ministry has told us to reduce the prices and has assured us that the government is going to work on the dollar issue.” But since it costs us a lot to transport goods, we are pleading with the government to take action to lower fuel prices.”

The head of the Kenyan Business Community in Torit, Mark Barasa, said he was willing to lower prices as well, but he encouraged the government to give traders real currency through the Central Bank.

Additionally, he urged boda-boda drivers and gasoline merchants to lower their costs in order to facilitate the delivery of commodities and boost supply.

Over the past few weeks, the dollar has become too strong. The majority of individuals are looking for the dollar because, as a dealer, I need hard dollars, not pounds, to import things,” he stated. “To improve business management, it would be preferable if a specific amount was provided to the Central Bank to distribute to traders.”

For pricing to be steady, citizens and dollar dealers should be informed about the official exchange rate, according to a Somali trader who went by the name Deef. He encouraged the government to keep an eye on the exchange rate in the state, adding that there isn’t one set in Torit because most forex merchants set their prices unilaterally.

Many people are unaware that our main concern is the high cost of the dollar. Thus, he said, “when the dollar rate rises in the market and even in the banks, citizens, the business community, and the government in cooperation with the chamber of commerce should sound an alarm.” “A dollar should never be changed at SSP 190 or 200. The dollar exchange rate in the bank should be fixed by the government, and everyone should be aware of it. The black market should also use the same rate.

Deef continued, saying, “The government should act when it is proclaimed that traders should lower prices if dollar dealers do not lower prices.”

Stephen Ihude, the state trade ministry’s director general, issued a warning in the meanwhile, stating that anyone found to be in violation of the agreement to lower prices by thirty percent will face consequences.

Since this week’s commencement, the dollar rate has dropped. It was trading between SSP 170 and 180 right now, although it had previously touched SSP 200 plus,” he remarked. “You traders should lower prices by the same percentage since the dollar has dropped by between 30 and 40 percent. The prices of commodities should correspond with the dollar rate.”

“We will conduct an operation if you do not lower the prices by this percentage,” Ihude said.