19 Oct 2009 15:36

Ukraine approves 17.2% increase in minimum prices for sugar beet, sugar

KYIV. Oct 19 (Interfax) - The Ukrainian government has raised the minimum wholesale price on sugar in the 2009/2010 farm year (September-August) by 17.2% to 3.125 hryvni/tonne (excluding VAT) and the minimum price on sugar beets by 17.2% to 214.9 hryvni/tonne (excluding VAT).

The prices are contained in Cabinet resolution N1094 dated September 30, 2009 and published on the government web site. It takes effect from the moment of publication.

It was reported earlier that the minimum prices in 2009/2010 had been 2,666 hryvni/tonnes for sugar and 183.33 hryvni/tonne for sugar beet (excluding VAT). Later the government considering raising the former to 3,750 hryvni/tonne.

In the 2008/2009 farm year the minimum prices were 2,083 hryvni/tonne for sugar and 141.63 hryvni/tonne for sugar beet (excluding VAT).

Ukraine's sugar market is estimated at approximately 2 million tonnes a year.

The official exchange rate on October 19 was 7.97 hryvni/$1.