By Ahmad Samir Hassan
Mohammed Ali Meslhy, Minister of Supply and Internal Commerce stated today that, the recent increase of prices of sugar and oil on supply cards are small, compared to the cost of production and import.
The minister added that 97 % of oil is imported to meet the country’s needs, and its price has increased after it hiked in the world exchange rates and the increase of the exchange rate of Dollar against Egyptian Pound. Also, he said, sugar price has increased because the purchasing of sugar cane from farmers increased to LE 620 per ton, instead of LE 400 in last year. The ministry announced the day before yesterday the price of the supply sugar increased from LE 7 to LE 8 per Kilogram, and the price of oil increased from LE 10 to LE 12 starting from the current month.
The minister referred that, the financial support allocated to the foodstuff and bread reached LE 53 billion in the current fiscal year’s budget, stressing that the amounts of basic commodities are sufficient for safe period. The amounts of oil and sugar are sufficient for five and four months, and rice and wheat are sufficient for four and five months.
