The local market is witnessing significant increases in the price of a kilo of sugar, with it almost disappearing from food stores and major chains, and if it exists, its price ranges from 45 to 50 pounds per kilo.
Ibrahim Ashmawy, chairman of the Egyptian Mercantile Exchange said that the reasons for the rise in sugar prices, during the recent period is the approaching start of the harvest of the new crop of cane, the increase in demand for sugar, and the fact that some companies and traders are storing sugar, in preparation for the start of the month of Ramadan in March 2024.
Ashmawy added, during a call-in on Sada El Balad channel, that the state has conducted a tender to import 100,000 tons to fill the current gap in the markets, at a price ranging from $810 to $820 dollars per ton.
Ashmawy continued that 20,000 tons of sugar are offered in each session, through the Mercantile Exchange platform at a price of EGP 24,000 per ton, to packaging and distribution companies, to be offered at a price of EGP 27 per kilo, through outlets.
He pointed out that 12 sessions have been held so far, and in each session 20,000 tons of sugar were offered, explaining that setting forced pricing for sugar is a violation of the law.
Ashmawy confirmed that a kilogram of sugar is offered at a price of EGP 12.60 on the ration system, from which 64 million citizens benefit from the right to obtain 3 kilograms of sugar through the ration card.
He said that monthly consumption ranges from 160 to 170 thousand tons of sugar, and the Egyptian Commodity Exchange is offering about 80,000 tons, equivalent to 50% of citizens’ needs in the local market.
Ashmawi added that the initiative to reduce commodity prices will be circulated nationwide, acknowledging that there is a disparity in sugar prices in the governorates, and that control over the markets is being tightened through government agencies.
Follow the latest news on Google News
