Bangladesh backtracks on government mill sugar price rise before Ramadan

The industries ministry confirms the cancellation of the previous decision to raise the prices within hours

Published : 22 Feb 2024, 03:25 PM
Updated : 22 Feb 2024, 03:25 PM

The government has rolled back its decision to raise prices of sugar from its mill before Ramadan.

Bangladesh Sugar and Food Industries Corporation raised the prices of the sweetener by Tk 25 a kg in a notice on Thursday, saying the hike was required for consistency with the international market. contacted the corporation’s Chairman Sheikh Shoyebul Alam, marketing chief Md Mazhar Ul Khan and Company Secretary Chowdhury Ruhul Amin Kawser, but they declined to reveal details.

The decision to raise the prices was made by the industries ministry, not the corporation, said an official, who requested anonymity because he was not authorised to talk to the media on the issue.

Hours later, the industries ministry in another notice withdrew the previous one by the corporation, citing public interest.

Industries Secretary Zakia Sultana also confirmed the withdrawal of the price hike.

The sudden announcement of the hike came as a surprise to many as the government had on several occasions promised to keep the daily necessities market under control during Ramadan.

The price of sugar was raised by Tk 25 to Tk 155 per packet of 1 kilogram for dealers who collect the product from the mill.

At retail level, the price of packaged sugar was increased by Tk 20 to Tk 160 a kg.

Loose sugar from the government mill would be priced at Tk 150 instead of Tk 125 at the mill gate, according to the first notice by the corporation.

The dealers would sell loose sugar at Tk 157 in place of Tk 132 a kg, the corporation said.

Private millers set the price of loose sugar at Tk 130 and packaged sugar at Tk 135 in August last year.