Friday, November 27th, 2015. Aaron Humes Reporting: The Price of local sugar – both Brown and White – will see an increase of 25 cents per pound before Christmas.
Vega says they are preparing the Statutory Instrument to be sent to the Attorney General for approval so that the price increase can be made law and come into effect shortly.
The cane farmers were requesting an increase in the local Price of sugar for the past two crop seasons but it was finally approved in an effort to increase the Price per tonne of sugar cane that farmers will receive.
As you know, the Price of sugar on the international market has fallen and as a result, cañeros will receive 35 dollars less per tonne of their sugar cane come the next crop season expected to begin on December 7th.
The proceeds of the increase will be split 65-35 in benefit of the cane farmers and BSI, respectively. It will see the cane farmers get 4 dollars and 60 cents more.
But will it have an effect on the prices of other commodities? Minister Vega says he does not think so.
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