In recent weeks, the country’s sugar market has become even more turbulent because of the supply shortage growing and the price increasing much ahead of Ramadan. While the government permitted the Bangladesh Sugar Refiners Association to raise the price by Tk 4 to Tk 112 per kilogram beginning of February 1, the price of packaged sugar has nonetheless reached as high as Tk 130 per kilogram on the local market.
According to data from the state-owned Trading Corporation of Bangladesh, the item’s price has gone up 50.33 percent in the last year. Nowadays, it sells for TK110-120 a kg in the city markets. Both wholesalers and merchants claim that the price of sugar has been rising practically daily on the local market for the past 15 days due to a supply shortfall. The DNCRP said, they will vigorously monitor the sugar market on February 1 in order to guarantee that people may purchase sugar, an essential product during Ramadan, at the price specified by the government. The retail price of unpackaged refined sugar was raised by Tk 5 to Tk 107 per kg while packaged refined sugar was raised by Tk 4 to Tk 112. According to official statistics, the country’s annual need for refined sugar is around 20 lakh tonnes, yet only 30,000 tonnes of that demand are satisfied by local mills. The demand is estimated by the commerce ministry to be 1.5 lakh tonnes each month, and during Ramadan, it increases to three lakh tonnes. To keep sugar affordable, the government would need to ensure a sufficient supply during Ramadan.
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