Bangladesh raises sugar prices by Tk 16 per kg

Sugar is being sold at a much higher rate than specified by the government in the open market

The government has raised sugar prices by Tk 16 per kg due to import costs, setting the retail prices of unpackaged sugar at Tk 120 and packaged sugar at Tk 125.

The Sugar Refiners Association was already informed about the change, Commerce Secretary Tapan Kanti Ghosh said on Wednesday.

However, despite the hiked prices, consumers are unable to purchase unpackaged sugar for any less than Tk 140 at the moment in the open market, with no packaged sugar available at all. Some companies are selling packaged sugar at Tk 150 per kg.

Following a price hike in April, the retail rate for unpackaged sugar was set at Tk 104 per kg and packaged sugar at Tk 109.

The commerce secretary spoke about the decision after a workshop on a policy of ensuring the quality of imported food on Wednesday.

The Ministry of Commerce instructed the Bangladesh Trade and Traffic Commission to come up with a revised price following a request from the Bangladesh Sugar Refiners Association.

The ministry later apprised the association about the revised prices, but has yet to receive a response. An official from the ministry, however, said the association is seeking a higher price.

bdnews24.com could not reach the association for comment.

The government cut the regulatory duty for sugar in March, which will remain in effect until May 31, in a bid to control prices in the market. The secretary said the ministry will recommend an extension for this facility due to the upward trend in the global market.

“The cut on duty is still in effect. It will remain in place until May 31. We will send a letter to the NBR asking them to keep the present duty rate intact for sugar.”

On the fluctuating prices of sugar, AHM Shafiquzzaman, director general of the Directorate of National Consumers' Rights Protection, said a drive was being prepared to effectively implement the new prices once they are officially adjusted.