Despite a reduction in import duties on sugar, its market price in Khulna, the largest wholesale market, has surged from Tk 4,680 to Tk 4,800 per maund within a week. The duty on unpaid sugar imports dropped by Tk 12,000 per ton, reducing the cost per kilogram by Tk 3.
However, insiders allege a syndicate manipulating prices, counteracting the duty reduction’s intended impact. Transportation costs are cited as a major factor in the price hike, with business owners emphasizing stable processing and marketization expenses. The duty on paid sugar imports decreased from Tk 6,000 to Tk 3,000 per ton. While international prices and supply are reportedly stable, the local market faces inflation due to alleged syndicate activities.
The National Board of Revenue increased import duties by 50% until March 31 next year to stabilize the market. Bangladesh, with an annual sugar demand of 1.8 to 2 million tons, produces one lakh tons domestically and imports the rest.
Source for more details:
