The Bangladesh Sugar Refiners Association (BSRA) called upon the government to raise the retail prices of packaged sugar by 20 percent to Tk 150 per kilogram. They attributed this request to the escalating import costs resulting from the international surge in sugar rates and increased expenditure for acquiring US dollars. The BSRA proposed implementing the new price just over a week before Eid-ul-Azha, the second-largest Muslim festival. This appeal was made in a letter addressed to the Bangladesh Trade and Tariff Commission, more than a month after the commerce ministry had already raised packaged sugar prices to Tk 125 per kg.
The expiration of reduced duty benefits for the import of raw and refined sugar has further burdened import costs, according to Taslim Shahriar, the deputy general manager of the Meghna Group of Industries (MGI). Currently, importers are paying approximately Tk 40 per kg in duties and taxes, compared to the previous rate of Tk 31 per kg. As of yesterday, sugar was being sold at retail prices ranging from Tk 120 to Tk 140 per kg in Dhaka. In February, specific duties on the import of raw and refined sugar were removed, along with a reduction in regulatory duty. However, these benefits expired on May 30. The BSRA indicated that the present import cost of raw sugar ranges from $640 to $650. It should be noted that these prices are for processed sugar that has undergone the necessary procedures for release and marketing. The World Bank reported that sugar prices in the global market increased from $0.45 per kg in March to $0.56 per kg in May.
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