State-run sugar mills have started crushing locally-grown sugarcane, aiming to produce 33,000 tonnes of sugar in the current fiscal year of 2023-24, said a top official.
The import tariff on raw and refined sugar was halved by the National Board of Revenue (NBR) yesterday in an attempt to contain prices in the domestic market.
Sugar prices have reached a record high internationally, which has had a ripple effect on Bangladesh’s wholesale markets, including those in Dhaka and Chattogram.
Sugar prices edged up in the wholesale market of Bangladesh within days after refiners declared that they would sell the sweetener at higher prices from the first day of February.
The government must implement economic policies that deal with the ongoing crisis
With sugar prices making new records almost every day for a supply crunch at home and abroad, pushing up the cost of making sweetener-based foods, state-run Bangladesh Sugar and Food Industries Corporation (BSFIC) can’t increase the supply to provide some relief to consumers.
Govt must do more to stop consumers’ purchasing power erosion
The sudden rise in the price of sugar, a key ingredient for popular items such as biscuits, juices, sweets and candies, has pushed up the cost of production, putting manufacturers in a tight spot.