Egypt rejects proposal to increase subsidized sugar prices
Minister of Supply and Internal Trade Ali Al-Moselhi announced that the Egyptian government has rejected a proposal to increase the price of a kilogram of sugar on ration cards by 43 percent to LE18, while it is now sold at LE 12.6 subsidized price.
In statements to the Saudi Asharq TV channel on Sunday, he added that the government will not import sugar currently.
The private sector will instead import 250,000 tons of sugar during the next three months, he said.
Earlier in June, Moselhi previously called for an increase in the price of subsidized sugar on ration cards from LE 12.6 to LE18 per kilo, compared to LE35 for the price of kilo in the markets.
Sugar prices jumped to their highest level in Egypt’s history during the first four months of this year, bringing the price of a kilo to between LE 50 and LE 60 in the markets, with some merchants stocking up on expectations that prices will continue to rise.
The government later announced a contract to purchase 750,000 tons of white sugar from abroad to arrive in the country before the end of 2024, which led to a drop in wholesale sugar prices from LE32,000 per ton to LE30,500 per ton by the end of May.