Recent sugar shortage, price hikes are scheme: Egyptian official

CAIRO – 17 December 2023: Chairman of the Consumer Protection Authority (CPA) Ibrahim El Segeny revealed Sunday that the recent price hikes of sugar and its shortage in the market was a scheme.  

Segeny underscored that Egypt produces 85 percent of its production and that the five largest refineries are state-owned, pointing out that the staple good was being hidden and that large quantities were confiscated.

The CPA chairman pointed out that the market price of the sugar used to be LE27 per one kilogram. Yet, the price jumped to LE40-50 due to such practices. Hence, he encouraged consumers to report any unusual prices of sugar.