Government says to mull sugar, oil deal prolongation with firms

MOSCOW, Mar 22 (PRIME) -- The Russian government will hold consultations with the sugar and sunflower oil makers on prolongation of price stabilization agreements for two months for sugar and until October for sunflower oil, according to a government statement seen by PRIME on Monday.

"In order to keep the retail prices on a level acceptable for the people, a decision was made to order the Federal Antimonopoly Service, the Agriculture and Industry and Trade ministries to hold urgent consultations with business to cut and support prices: for white sugar for two months, for sunflower oil until October 2021," the statement read.

The government is discussing several subsidies to the sugar and oil producers and abolition of the sugar import duties from May 15 until August 31 with the Eurasian Economic Commission.

According to the statement, the current agreements have demonstrated effectiveness.

The government signed agreements with sugar and oil producers in December, capping prices at 46 rubles per kilogram of sugar and 110 rubles per liter of sunflower oil in retail trade, respectively. The agreements will remain in force until April.

(74.1390 – U.S. $1)

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