Price of Sugar to Increase Soon

Belize is on the brink of a significant increase in sugar prices as the government steps in to support its beleaguered cane farmers. Marco Osorio, chairman of the Sugar Industry Control Board, acknowledged the potential burden on local consumers but emphasized the dire circumstances facing the agricultural sector. Farmers have been grappling with escalating costs, climate change impacts, and the recent outbreak of Fusarium wilt in sugarcane crops. Osorio stated that the government deems this price adjustment both necessary and overdue, aiming to provide much-needed financial relief to the industry. Earlier this year, leaders from Belize’s four sugarcane producers’ associations highlighted a ‘critical and unprecedented crisis’ in the sector. They proposed specific measures, including raising the prices of Molasses C and B, allocating a portion of the price increase to a Cane Sustainability Fund, and adjusting electricity tariffs for bagasse energy sales to support sustainability initiatives. The latest Cabinet meeting also discussed regulating prices for plantation white and brown sugar while considering the removal of price controls on retail packaged sugar. Exact figures for the price adjustments remain undisclosed.