Egyptian Supply Minister Mohamed Ali El-Sheikh set the price of sugar at government's selling points at 6 Egyptian pounds ($0.6757) per kg following a spike in domestic prices due to a sugar shortage. "The decision aims to control the prices and regulate the market as well as limit smuggling and monopolising and price manipulation," the ministry said in a statement on Saturday.
The new price for sugar, set by the Supply Ministry, is the third price for sugar in the market as subsidy card holders can buy sugar from the ministry's selling points at 5 pounds per kilo and the free market offers sugar at around 8-9 pounds per kilo. Sugar traders said a shortage was caused by their inability to import due to a dollar crunch and a tariff that was imposed earlier this year which discouraged imports. The tariff has since been lifted.