The Ministry of Supply announces sugar prices… and warns: Any increase...

The Ministry of Supply announces sugar prices… and warns: Any increase...
The Ministry of Supply announces sugar prices… and warns: Any increase...
Within the framework of the Ministry of Supply and Internal Trade’s periodic follow-up of food commodity markets globally and locally, it was found that the price of local sugar has still maintained its same prices since the beginning of the year in the free market, as the price of sugar in local markets ranges between 7.5 and 9.5 pounds per kilo, according to a statement. The internal trade sector of the Ministry of Supply, and the price of ration sugar is 8.50 pounds, and large quantities of it are pumped to meet the needs of citizens through the Holding Company for Food Industries, which bears the price difference between the cost of production and the cost of distribution, in addition to having a strategic reserve of sugar that is sufficient until the season next production.

The Ministry calls on citizens, companies and traders to investigate the accuracy of the data being circulated in light of the challenges that the country and the world are witnessing in light of the pandemic.

International sugar prices have witnessed some rises as a result of the recent frost wave that damaged a number of crops in Brazil, on top of which is sugar cane (Brazil is the largest producer of sugar in the world) and the most influential in its price trends, which affected the increase in its prices during the months of June and July last, in addition to The rise in global oil prices during the past months led Brazil to use raw cane sugar in the production of ethanol as an alternative to petroleum, which affected the international prices of sugar.

It is noteworthy that the impact of this rise in sugar prices on the international market has not affected sugar prices in the local market so far, as a result of the increase in the sugar self-sufficiency rate that Egypt achieved during the current year to 89% due to the increase in the areas planted with sugar beets and sugar cane, and thus the increase in the quantities produced .

In light of the rumors about banning the import of sugar, the Ministry confirms that the import of white and raw sugar has been allowed since June 2021, as the decision to ban the import was issued since March 2021 for a period of only three months, and the decision was issued at that time due to the importance of preserving the national industry in light of the low price of sugar The importer at the time, which would lead to the accumulation of local sugar stocks and harm the companies working in the sugar industry from the public and private sectors alike.

The Ministry of Supply and Internal Trade has also cooperated with all industrial companies that depend on sugar as a basic entry point for their industrial operations, where an action plan has been developed to overcome the challenges facing these companies in managing white sugar locally.

It is expected that no crises will occur during the coming period in the sugar commodity as a result of what was previously emphasized, especially in light of the abundance of local sugar stocks that suffice the local need until the next production season, in addition to the Ministry of Supply and Internal Trade providing it in the supply system and pumping large quantities of it into the outlets. The other affiliated companies through the Holding Company for Food Industries, in addition to the abundant supply of it in the free market by the private sector companies producing it.

This is in addition to the entry of the Ministry of Supply and Internal Trade as an importer of the supply consumer gap and to work to achieve a quantitative and price balance in the event of any uncontrolled monopolistic practices by some traders.

In light of this, any increase that may occur in sugar prices for the free segment will be unjustified and will reach the price equilibrium point as a result of the state’s interventions with measures that restore the market to its equilibrium again.

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