Sugar prices have soared in both the wholesale and retail markets of Dhaka and Chattogram within a week due to tight supply and millers’ demand for price adjustments in line with the rising global rates. Retailers and wholesalers have reported increases in the price of sugar, citing limited supply and the surge in international markets. Despite the government setting maximum prices for branded and non-branded sugar, it is currently being sold above those limits, reaching Tk 148 to Tk 150 per kg.
Refiners are disregarding government-fixed prices due to high international market prices and import costs, while the market also faces a shortage of packaged sugar. The delay in sugar exports from India, the world’s second-largest exporter, could further push up global prices. Bangladesh, heavily reliant on imports, is feeling the impact, with consumption at 20 to 22 lakh tonnes annually. The withdrawal of duty reductions and tax exemptions by the National Board of Revenue has also contributed to the recent price hike.
Source for more details:
