NEW DELHI: The government on Friday said that the average retail price of sugar in the country is about Rs 43 per kg and is likely to remain range bound.

It said that while international sugar prices have reached their highest levels in a decade in April-May 2023, the domestic prices have a nominal inflation of about 3 per cent, which is commensurating with the hike in fair and remunerative price (FRP) of sugarcane.

In fact, international sugar prices are almost 50 per cent higher than those in India, official sources said.

At the end of July 2023, India had sugar stock of about 108 lakh metric tonnes (LMT), which is sufficient to meet domestic demand for remaining months of current sugar season 2022-23 and also for optimum stock of about 62 LMT at the end of season.