Lana News
Libyan News Agency
Latest News

The Bakers' Syndicate to (LANA): The crisis of the rise in the price of a loaf of bread was fabricated by some speculators

Pulbished on:

Tripoli, March 2, 2022 (LANA) - The head of the Bakers Syndicate, "Abu Khurais Mohamed Belkacem," said that the crisis of the rise in the price of a loaf of bread was fabricated by traders, speculators and some mill owners.

Abu Khurais explained in a statement to the Libyan News Agency, that some wholesalers have withdrawn large quantities of flour from the Libyan market and are now selling it to bakeries at prices that reached 275 dinars per quintal, after its price did not exceed 210 dinars.

The Bakers Syndicate added that the current stock of flour is sufficient for a period of "3 months", and there is no mill that has a stock of less than a month, according to the data of the Ministry of Economy and Trade.

Abu Khurais praised the efforts of the Municipal Guardsmen who follow the speculation process in flour, whether in the Kremia market, the Drebi market, or in the shops where the price of a kilogram has reached 3.5 dinars.

The head of the Bakers Syndicate revealed that the Minister of Economy will hold a meeting with all flour mill companies tomorrow, Thursday, to take measures and present them to the Prime Minister to follow up on the program intensively.

Abu Khurais stressed the need to hold accountable the speculative traders and mill owners who raised the price, taking advantage of the war in Ukraine, which has no effect on the Libyan market, as Libya imports 20% of its wheat needs.

He pointed out that there are several sources of wheat from several countries and they are ready to export to us the required quantities of wheat, stressing that there is no justification for raising prices and speculating in flour.