Mill owners have decided to increase sugar prices by Tk 25 a kg ahead of Eid-ul-Azha, citing the Mill owners have decided to increase sugar prices by Tk 25 a kg ahead of Eid-ul-Azha, citing the volatility in the international market.
The new prices will come into effect on Jun 22, the Sugar Refiners Association said in a letter to theMill owners have decided to increase sugar prices by Tk 25 a kg ahead of Eid-ul-Azha, citing the volatility in the international market.
The new prices will come into effect on Jun 22, the Sugar Refiners Association said in a letter to the commerce ministry on Monday.
The government set the cost of loose sugar at Tk 120 per kg, while packaged sugar was priced at Tk 125. But traders are currently charging consumers more than the official prices, reports bdnews24.com.
Each kg of sugar is being sold at Tk 135-Tk 140 in marketplaces. In the letter, refiners proposed setting a price of Tk 140 for each kg of unpackaged sugar and Tk 150 for each kg of packaged ones.
The government typically fixes the price of cooking oil, sugar and several other imported goods through the Trade and Tariff Commission.
However, traders recently turned to the government seeking to raise the costs while prices fluctuated in the market. But their demands were not met and as a result, they have now decided to raise the prices themselves.
The letter mentioned that companies were facing losses trying to sell sugar at the price points set by the government as commodity costs were higher in the international market. The new prices were adjusted for the turmoil in the global market, it said.
City Group, Deshbandhu Group, Meghna Group, S Alam Group, Abdul Monem Ltd and TK Group of Industries were linked with the trade of cooking oil and sugar.
Biswajit Saha, a director of City Group, said the prices of raw materials for sugar rose in the international market while various duty facilities were lifted.
“Consumers have to pay Tk 42 in duties to buy a kg of sugar now. We are gathering raw materials for sugar from the international market at $650 per tonne. The rate today is $670 per tonne. The government last set the prices following $580 per tonne.”
Sugar Refiners Association Secretary General Golam Rahman and Commerce Secretary Tapan Kanti Ghosh could not be reached for comment.
In a recent programme, however, the secretary blamed fluctuating prices in the international market for high prices of sugar.
“The main source of sugar is Brazil and India. But we’re not importing from India at the moment. There’s a global crisis involving sugar. The price of sugar has risen from $450 per tonne to $700. It’s tough to stabilise prices in the local market when the international market is not stable.” commerce ministry on Monday.
The government set the cost of loose sugar at Tk 120 per kg, while packaged sugar was priced at Tk 125. But traders are currently charging consumers more than the official prices, reports bdnews24.com.
Each kg of sugar is being sold at Tk 135-Tk 140 in marketplaces. In the letter, refiners proposed setting a price of Tk 140 for each kg of unpackaged sugar and Tk 150 for each kg of packaged ones.
The government typically fixes the price of cooking oil, sugar and several other imported goods through the Trade and Tariff Commission.
However, traders recently turned to the government seeking to raise the costs while prices fluctuated in the market. But their demands were not met and as a result, they have now decided to raise the prices themselves.
The letter mentioned that companies were facing losses trying to sell sugar at the price points set by the government as commodity costs were higher in the international market. The new prices were adjusted for the turmoil in the global market, it said.
