‘Sugar market to be stable in a day or two'

The sugar market will return to normalcy in a day or two, said AHM Shafiquzzaman, director general of the Directorate of National Consumers Right Protection (DNCRP), today.

"We are conducting drives at markets today. If we find any illegal hoarding of sugar, legal steps will be taken against the responsible traders," he told reporters after a meeting with the sugar traders in the capital's Karwan Bazar.

Processors say they are failing to refine the raw sugar for the lack of adequate gas supply, which has forced them to cut output by up to 50 per cent. This is disrupting the supply of sweetener in the market.

In the last two days, the DNCRP spoke to the top officials of the gas distribution companies and their parent company, Petrobangla.

"The officials assured me that they would ensure gas supply in the zones where sugar refineries are located," said Shafiquzzaman.

"There is nothing to be panicked about," he added.

In the last several days, sugar prices rose across the country amid the supply crunch.

Currently, loose sugar is being sold at Tk 100-110 a kg in the retail market. Packaged sugar is currently hard to find.

According to government-fixed rates, the price of loose sugar is Tk 90 a kg while that of branded sugar is Tk 95.