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Sugar available, price normal

Millers step up supply; HC asks govt to rein back price spiral of oil, sugar

Staff Correspondent
Sugar prices began to drop in markets of the capital yesterday following increased supply from refiners, giving a relief to consumers who had to pay as high as Tk 80 a kilogram early this week due to a supply crunch and hoarding by traders.
Yesterday, sugar was traded at Tk 64-67 a kg after supply improved, said retailers at Karwan Bazar, Hatirpool, and New Market.
"The market has become cool. There is no more hue and cry after two companies delivered sugar," said Mohammad Nur Nabi Bahar, owner of Padma General Store at Karwan Bazar, claiming of charging Tk 64-65 for each kg.
A day before, retailers sold sugar for Tk 74-75 a kg and in some cases for up to Tk 80.
Despite the price fall in Karwan Bazar and other markets, many stores still continued to charge Tk 70-75 for a kg as the benefit of the supply increase was yet to reach all stores.
In the port city of Chittagong, sugar prices still remained above Tk 70 a kg, reported our correspondent.
The slump in the prices came after a series of developments in the day including a High Court directive to the government to take necessary steps to stop illegal hoarding of sugar and soybeanoil.
The court also directed the government to take steps to make sure that sugar prices do not exceed Tk 65 a kg, and soybean oil prices do not cross Tk 109 a litre. The government last week fixed the price ceilings ahead of the Ramadan when demand for both increases.
The High Court issued the order following a petition by Human Rights and Peace for Bangladesh (HRPB) on the basis of recent reports in the media about a dearth of sugar in the market, and selling of the essential commodity above the government fixed price ceiling.
In a separate development yesterday, refiners and wholesalers ata meeting with Bangladesh Tariff Commission (BTC) Chairman Md Mozibur Rahman promised to sell sugar within the government fixed price ceiling.
After the meeting, the BTC chairman said the businessmen promised him that they
will increase supply of the item so that normalcy returns to the prices in the domestic market.
"I hope you will be able to see the impact of the meeting from tomorrow as the businessmen promised to increase supply of the item," said the BTC chairman after the meetingyesterday.
Early this week, sugar became unavailable in many groceries in the capital amid fears of mobile court's crackdown against selling of the item for higher than the government fixed price ceiling.
The retailers got the jitters as a section of wholesalers, cashing in on the supply crunch of ready sugar due to closure of four out of six refiners, charged up to Tk 71 for a kg.
Yesterday retailers at Karwan Bazar said they got delivery of sugar from two refiners —Deshbandhu and AM Refinery - for Tk 62-63.5 a kg.
Deshbandhu Sugar and S Alam Sugar — two of the four refiners which had suspended production, resumed production early this week.
Mill supply also increased at the wholesale hub, Moulvibazar, causing the wholesale prices to drop, according to Abul Hashem,
vice-president of Bangladesh Sugar Merchants Association.
"We got delivery of sugar in the morning today. We are selling for 65 taka a kilogram," said Mohammad Jahirul Islam Rasel owner of Bhai Bhai General Store in front of Hatirpool kitchen market.
The store suspended selling sugar until Saturday in the face of higher wholesale prices.
Biswajit Saha, general manager of one of the major commodity processors City Group of Industries, said the company will sell a kg of sugar forTk 58 at the mill gate until the Eid.
"You will see the impact on the market from tomorrow," he said yesterday.
City Group began to sell sugar and cooking oil at government fixed prices at five different points of the capital on trucks.
The company will sell two kg of sugar forTk 65 a kg, and two litres of packaged cooking oil forTk 120 a litre to each buyer.
Supply of sugar is expected to increase further as Meghna Group of Industries' Managing Director Mostafa Kamal said they will also resume production in a week.