The recent rise in the price of all sugar, including white and brown has been described as painful by Prime Minister Ralph Gonsalves.
As a result of the price increases, Gonsalves expects white sugar to rise to $2.40 per pound and brown sugar to rise to $2.05 per pound.
“The last white sugar shipment was purchased in June 2022 at a price of USD $640 per metric ton, CIF, that is to say, cost, insurance, and freight.
“In the next shipment of white sugar, the quoted price has moved from $640 per metric ton, CIF, to USD $1100 per metric ton, FOB, Free on Board,” Gonsalves explained.
“Currently, the Guyana Sugar Corporation, GuySuCo, is offering brown sugar at $560 USD a metric ton, FOB, with a freight cost of $64 USD. According to unofficial communication from the Guyana Sugar Corporation, we will not receive a regular shipment until November 2022. The Input Warehouse contacted Belize Sugar Industries for assistance; however, their price is not $560 FOB plus $64 per metric ton, which would be $624, which would include freight; they are asking $832 a metric ton in Belize, including insurance and freight,” he said.
Gonsalves said consideration will be given to the price raises at the cabinet, to see how the Government can lessen the blow to the people of SVG.
Government can consider removing the Customs Service Charge (CSC) on sugar, said Gonsalves. This, however, may only lower the price by 10 cents per pound.
Brown sugar is used by most people, so the Prime Minister is particularly concerned about its price.
