Govt reduces mill gate price of sugar

FE Report

The government has reduced the mill-gate price of sugar by Tk 2.0 in a bid to keep its price at an affordable level during the holy month of Ramadan.

"Sugar price had been fixed at Tk 43 at mill gate from Tuesday by BSFIC considering the additional consumption of sugar during the holy month of fast," Industries Minister Dilip Barua said.

"We are hopeful that the price of sugar will be stable during Ramadan as the government has taken a timely decision to reduce sugar price by Tk 2.0 per kg," he said in a press conference at his secretariat office Tuesday.

Meantime, sugar was selling at Tk 48-52 per kg at the retail level in the city, market operators said.

The government has decided to build up a stock of 77,650 tonnes of sugar to keep its price at an affordable level.

"We have taken a decision to buy 25,000 tonnes of sugar from the international market and 10,000 tonnes from the local market," the minister said.

He said the BSFIC (Bangladesh Sugar and Food Industries Corporation) has already stocked 42,650 tonnes of sugar to keep its price stable during Ramadan.

Dilip Barua said according to Bangladesh Bank, the private sector has imported adequate quantity of sugar this year. Some 120,763 tonnes of raw sugar were imported up to July this year.

About the retail price of sugar, the minister said the deputy commissioners will fix the retail price. "We expect consumers will be able to buy sugar at Tk 45 per kg during the Ramadan."

He said there are 45,000 dealers across the country and the government will distribute sugar through these dealers.

"Some greedy and dishonest businessmen take advantage of the situation in Ramadan by increasing the prices of essentials on the eve of religious festivals and this is very unfortunate for us," the minister said adding the government will take stern action against the traders involved in increasing the prices of essentials causing hardship to people.