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Corporate - District - October 23, 2022

Sugar prices rise again as refineries cut production

Staff Correspondent: The local sugar market has become volatile, as prices shot up to Tk100-120 a kg, up by Tk10-20 a kg in only four days as refineries cut production.
Refiners said they had to cut production by two-thirds amid massive drop in gas supply to their units.
Sugar was out of stock in many groceries in Dhaka as they could not source it on Thursday and Friday.
Packet sugar was hard to find in the capital, as many dealers and big grocers were selling it as loose sugar amid surge in prices to above Tk100 a kg. Some grocers were found selling packet sugar even at Tk120 a kg.
The volatility in the sugar market began just one and a half weeks after the government reviewed its price at Tk90-95 a kg.
Consumers Association of Bangladesh (CAB) Vice President SM Nazer Hossain said the Ministry of Commerce should take immediate actions to bring normalcy in the market. “Unscrupulous refiners, dealers and other big market players made millions in extra profit in the last few days by raising sugar prices at their will,” he said.
He also said the existing high import duty should be lifted from the essential, whose supply in the country almost entirely depends on import.
“Smooth gas supply to the refineries should be ensured by taking necessary measures immediately to maintain a normal supply chain,” he added.
According to the Commerce and Industries Ministries, the country has demand for some 2.2 million tonnes of sugar per year, of which it produced only 28,000 tonnes in last FY22.
Leading refiners import 2-2.4 million tonnes of sugar annually.

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