Govt slashes sugar prices by Tk3 per kg

Business Report :
The Ministry of Commerce on Thursday reduced prices of loose and packaged refined sugar at retail level by Tk3 per kilogram (kg).
Effective from Saturday (April 8), the price of loose sugar will drop from Tk107 to Tk104 per kg, and packaged sugar from Tk112 per kg to Tk109, it said in a notification on the day.
The price adjustment comes after the government slashed duties on sugar imports by 5% to 25% to rein in the price of sugar ahead of Ramadan in February.
At the same time, the government withdrew Tk3,000 specific duty on import of per tonne raw sugar and Tk6,000 on per tonne refined sugar.
The reduced tariff facility will remain in force till May 30.
However, the prices vary in different local markets where sugar is sold for up to Tk115 per kg defying the rates set by the government.
Earlier on March 19, Commerce Minister Tipu Munshi at a meeting of the task force on essential commodities said that sugar prices in the consumer market would go down by Tk5 per kg.
On January 26, the Bangladesh Sugar Refiners Association increased the price of loose refined sugar by Tk5 per kg to Tk107, and packaged refined sugar by Tk4 per kg to Tk112.
The association last hiked the prices by Tk8 a kg to Tk102 and Tk108 respectively on November 17 last year.
According to the Commerce and Industries Ministries, Bangladesh’s annual demand for sugar is 2-2.2 million tonnes, of which it produced only 28,000 tonnes in 2022.
Ten major refiners import 2-2.4 million tonnes of sugar annually to meet the massive demand.