Supply Minister sets price of sugar at EGP 10.5/kg

Supply Minister Ali El Moselhy reduced the price of sugar to EGP 10.5 per kg for regular consumers, and is forcing manufacturers to print the price on the packaging to crack down on multiple prices in the market, Al Borsa reports. The decision also sets the price of sugar sold to traders at EGP 9,250 per tonne, and stipulates that sugar manufacturers direct EGP 1,250 per tonne sold towards funding sugar imports. Ahmed El Fendi, board member of the Federation of Egyptian Industries’ food industries division tells Ahram Gate that setting dual pricing for consumers and traders is self-defeating as traders could seize the opportunity to increase their profit margins by selling to factories.