Serbia Sells Sugar, Cooking Oil From Reserves to Avoid Shortage

Serbia’s government will sell 5 million liters of cooking oil and 5,000 tons of sugar from state reserves to prevent shortages after a weak harvest.

The commodities will be offered with capped retail prices at 142.6 dinars ($1.61) per liter of oil and 95 dinars per kilogram of sugar to counter price pressures and ensure a stable supply, the government’s press office said in an e-mailed statement after a Cabinet meeting today.

Serbia banned exports of sunflower seed and sugar beet on Sept. 6 after a drought cut the harvests by 24 percent to 327,000 tons and 12 percent to 2.47 million tons respectively. The Balkan nation consumes about 100,000 tons of cooking oil and about 200,000 tons of sugar a year.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.