According to the Bangladesh Trading Corporation, sugar was being sold in the range of Tk 110-120 per kg in the retail markets of Dhaka yesterday. A month ago, it was 90 to 95. Traders attribute the jump in prices to reduced supply for sugar refining, which is under constant gas supply pressure. This photo was taken yesterday at Karwan Bazaar in Dhaka. Photo: Anisur Rahman
According to the Bangladesh Trading Corporation, sugar was being sold in the range of Tk 110-120 per kg in the retail markets of Dhaka yesterday. A month ago, it was 90 to 95. Traders attribute the jump in prices to reduced supply for sugar refining, which is under constant gas supply pressure. This photo was taken yesterday at Karvan Bazaar in Dhaka. Photo: Anisur Rahman
Industries Minister Nurul Majid Mahmoud Humayun said yesterday that government statistics say there is no shortage of sugar in the market and there are enough reserves to last until Ramadan, which is still about four months away.
However, the Commerce Ministry has been mandated to bring in another 100,000 tonnes as some unscrupulous traders are creating an artificial crisis, he told reporters at Rajshahi Square House.
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The minister was addressing an exchange meeting organized by the Rajshahi District Administration and the local unit of Bangladesh Small and Cottage Industries Corporation with businessmen, political leaders and industry stakeholders on ensuring a business-friendly environment to attract investment.
However, people are feeling the sugar price hike amid the supply shortage, Humayun said.
The government apparently raised prices in the first week of October to keep pace with a market where traders were already charging above the previous fixed rate.
According to the new government rates, shell sugar costs Tk 90 per kilogram (kg) while packaged sugar costs Tk 95 in the retail market.
Zeenat Quayum, a food entrepreneur, said that over the past three weeks, the price per kilogram has increased by up to 40 trons.
Three weeks ago, he bought each kilo for 90 tomans, but after a week, it went to 100 tomans.
He added: Four days ago, I bought sugar at 130 per kilogram.
Meanwhile, the Industries Minister said that Rajshahi is known for his aesthetics and he has come to talk about how the city can progress through eco-friendly industries.
Some demands have been raised which he and Rajshahi City Corporation Mayor AHM Khairuzzaman Liton will send to the Prime Minister.
The minister said that domestic and foreign businessmen are invited to reopen state-owned factories under the supervision of the Ministry of Industries in stages through public-private partnership.
He added that new machines will be introduced to replace the obsolete ones.
Abdul Jalil, deputy commissioner, presided over the event, where the mayor was a special guest.