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Sugar price cut by Tk 5

Profiteers warned again ahead of Ramadan

Star Report
The government yesterday slashed sugar prices by Tk 5 per kilogram in a bid to prevent an artificial crisis and protect consumers' interests during Ramadan.
The state-run Bangladesh Sugar and Food Industries Corporation (BSFIC) will sell each kg of sugar at Tk 55 instead of Tk 60 in the retail markets, Industries Minister Dilip Barua announced at a press conference at his office.
The price cut comes at a time when the government is facing criticism
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for selling the sweetener at a higher rate than the market price. Even many dealers of the BSFIC have stayed away from taking delivery of their allotted sugar.
The price will beTk 50,000 per tonne or Tk 50 a kg in the wholesale market, effective during the month of fasting, said Barua.
The government wants to ensure a smooth supply of sugar so that its price remains stable during Ramadan, said the minister.
The country's annual demand for sugar is around 1.4 lakh tonnes, which rises
to 1.5 lakh tonnes during Ramadan.
Along with the 1.06 lakh tonnes of imported sugar, the BSFIG has a stock of 1.74 lakh tonnes, which is more than enough to meet the Ramadan demand, stated the minister.
The state-run agency will incur a loss ofTk 12 per kg for selling it at Tk 50 in the wholesale market, he said, adding that the government would bear the subsidy for the sake of consumers.
The wholesale price of sugar was Tk 50 per kg in Moulvibazar yesterday.
Sugar was being sold atTk
55-56 a kg in the city markets yesterday, according to the Trading Gorporation of Bangladesh. The price is 5.71 percent higher than the prices in the last 30 days.
DISHONEST BUSINESSES
WARNED
Commerce Minister GM Quader yesterday said the government would strongly monitor the market to keep the prices of essentials at “justifiable" levels during Ramadan, reports UNB.
Speaking at a discussion at the DCCI office in the city, the minister, admitting some lapses, called upon traders not to raise the prices of basic
commodities illogically and sought their cooperation in keeping the market stable.
The government has already instructed the deputy commissioners to monitor the market on a regular basis so that consumers do not suffer due to any unjustified price hike of essentials.
Meanwhile, Commerce Secretary Ghulam Hussain, at a meeting at his office yesterday, urged the top importers of basic commodities to reduce the price of edible oil in the upcoming Ramadan in light of oil prices having gone down in the
international market, reports our staff correspondent.
According to data from the Bangladesh Tariff Commission (BTC), prices of both edible oil and sugar have declined in the international market, but the impact of the downward trend in prices is yet to be reflected in the domestic market.
“Please reduce the prices of edible oil at least by Tk 1 per litre, because the prices of the item have declined in the international market," the secretary pleaded before the businessmen at the meeting, with folded hands.