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Former Egyptian official reveals to RT the reason for the rise in sugar prices and the disappearance of rice from Egypt

Nader Noureddin, adviser to the former Egyptian Minister of Supply and strategy expert of the FAO General Assembly, revealed the details of the high price crisis for sugar and rice, which caused great concern on the Egyptian street.

Nour El-Din explained in RT statements that “although these are local goods, not tied to either the dollar or imports, but Egypt reaches full self-sufficiency in rice and about 90% self-sufficiency in sugar, therefore their prices should not double by 100% ahead of rising food prices. imports not exceeding 60%.

A former Egyptian official pointed out that the sugar crisis is not justified, since the price of selling sugar to the consumer did not exceed 10 pounds until March last year with the start of the Ukrainian crisis, and he left the factories at a price of 5.5 pounds, and the Ministry of Supply introduced one pound for each kilogram as price protection when they collapsed worldwide.

He continued: “However, the rise in sugar prices continued until it approached 20 pounds per kilogram, motivated by both public and private companies, with no justification other than rising world food prices and rising dollar prices. locally, and given that it is a product with no alternative.”

He noted that in light of these increases, the Ministry of Supply should cancel the £1,000 per ton sugar price protection levy and hold an urgent meeting with public and private companies to ascertain the unsubstantiated cause. for doubling the price of sugar and agreeing on a fair price, especially since the factories justify the situation by raising the selling price of natural gas by the government. For the sugar factories that control production, although this is also a completely local product and Egypt exports it.

He pointed out that the high price of rice and its disappearance from the markets due to the intervention of the Ministry of Supply and Pricing of Rice in markets with a maximum value of 15 pounds after unreasonable and consistent price increases for rice that exceeded 24 pounds per kilogram were revealed although the merchants bought it from the farmers last season at a price of only £3.40, and its price comes after the Speculators and bleachers reduce it to £5, and therefore the price in the markets should not exceed £10, as it was until March last year.

And he continued: “Although we are at the end of the season and a new crop is emerging, and therefore traders should get rid of last year’s rice, which is close to expiration date, and sell it at a low price, and the Ministry of Supply for the first time entered as a buyer of rice crops from farmers and set a low price ranging from 6600 to 6850 for fine and broad barley rice.” a fine of ten thousand pounds sterling for anyone who does not supply rice to the ministry, with confiscation of rice from vehicles for anyone who does not have permission from the Ministry of Supply to supply the mandatory ton.

The Supply Minister secured a Council of Ministers decision to designate rice as a strategic commodity requiring it to be kept or hidden in prison for a year and a £1 million fine that doubles on repeat offences, and all waiting for the crisis to end without making confrontational decisions affecting markets , farmers and merchants.

Source: RT

Cairo – Nasser Hatem


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