Millers to increase sugar price by25/kg ahead of Eid

The Bangladesh Sugar Refiners Association has decided to increase the price of sugar by Tk25 per kg from 22 June weeks before the Eid-ul-Adha.

The association of mill owners informed the Bangladesh Trade and Tariff Commission (BTTC) about their decision to increase the price. 

Earlier, traders had also proposed the tariff commission to increase the price of sugar. 

On Friday, sugar sold at Tk130-140 in markets such as Karwan Bazar, Moghbazar and other parts of the capital. The price is Tk10-15 higher than the government-set Tk120-125 per kg.

The Ministry of Commerce early last month allowed refiners' to raise the retail price of sugar by Tk16 a kg following the price hike in the international market. 

Trading Corporation of Bangladesh data says the price of sugar has more than doubled over the past year. It sold for Tk80-84 per kg last year.

Talking to The Business Standard, retailers said they are not getting the supply of packaged sugar for the last 15-20 days. They get non-packaged sugar on conditions and the amounts are less than their demand.

Sugar suppliers have repeatedly blamed abnormal dollar prices, inability to open LCs, high import duties and global volatility for the sugar crisis. To get rid of this situation, they have proposed the government reduce import duties for a long-term.

The government reduced the regulatory duty on sugar imports by 5% to 25% for a short period to stabilise the market during Ramadan. It also withdrew the specific duty of Tk3,000 per tonne on the import of unrefined sugar and Tk6,000 on refined sugar at that time.