Egypt’s Ministry of Supply has announced that it will raise the price of sugarcane purchased from local farmers to 1,100 Egyptian pounds per ton, according to its official statement on Wednesday.
The came after an agreement was reached with the parliamentary majority at the house of representatives, as the ministry will pay local farmers 1,000 pounds for sugar beet ton, the statement added.
The new prices were agreed upon following the global price raise of production inputs over the past three months in a bid to strike a balance between production cost and import price.
Noteworthy, Minister Ali Moselhy had made a great effort to upgrade sugar industry in Egypt and worked to lower wastage by 20 percent, head of parliamentary majority Ashraf Rashad highlighted.
The strategic stock of sugar is sufficient for three months while the sugar cane supply season will begin in mid-January and sugar beets in mid-February.
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