Letter to traders to raise sugar prices

Bangladesh Sugar Refiners Association, an association of sugar producing and marketing companies, has written a letter to the Ministry of Commerce requesting to re-determine the price of sugar. It is known that they made this application on Sunday (October 2).

The organization says that the traders will face huge financial losses if they sell sugar at the price set by the government. A copy of the letter has also been given to the Bangladesh Trade and Tariff Commission (BTTC). This organization under the Ministry of Commerce reviews the rates.

The chairman of the commission, Mahfuza Akhtar, told the media that he had received the application of the sugar marketers. The application is being reviewed.

Earlier BTTC announced on September 22 in a notification about fixing the price of sugar. The price of refined loose sugar is fixed at Rs 84 per kg and the price of refined packed loose sugar is fixed at Rs 89 per kg. This price was supposed to be effective from last September 25. The new price of sugar is expected to take a week to hit the retail market. However, it has been seen that open sugar is being sold at Tk 90 per kg in retail shops in the neighborhood. And in the big market, it is available for a little less than 88 taka per kg. Packaged sugar is being sold at Tk 95 per kg.

Even though the government fixed the price, the buyers have to pay four to six taka more per kg of sugar than the fixed price. Bangladesh has an annual demand of about 14 lakh tons of sugar. Of this, about 60 thousand tons are produced from domestic sugarcane. The rest is imported. Domestic companies import raw sugar, refine it and release it in the market.


Source: Bhorer Kagoj by www.bhorerkagoj.com.

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