Sugar stocks more than enough: Ministry

ANKARA

Turkey is not facing a shortage of sugar, the Agriculture and Forestry Ministry has said in a statement, as prices contracted on March 25.

The country had a total of 400,000 tons of sugar at the end of last year’s production season, and a total of 2.5 million tons of sugar was added to that amount this year, the ministry said.

Turkey’s annual sugar consumption will be around 2.7 million tons in 2022, it added.

National sugar company Türkşeker is intervening in the markets to support price stability, according to the ministry.

The Agriculture and Forestry Ministry sent officials to wholesale centers to convey warnings against overstocking.

The Trade Ministry, meanwhile, warned retailers against price manipulation.

The price of sugar dropped from 800 Turkish Liras ($53.9) to around 575 liras ($38.8), according to local media reports published on March 25.

A new probe by the Competition Authority into pricing behaviors of supermarket chains and suppliers will be concluded next month.

The Competition Authority has issued fines to five supermarket chains and a supplier for a total of 2.7 billion Turkish Liras ($181.8 million) for violating regulations. They applied to courts to appeal the fines.