Sugar prices jump to Tk 54 per kg
Wednesday, 9 September 2009
FE Report
Prices of sugar jumped to Tk 52-54 per kilogram (kg) Tuesday in the city's retail market from Tk 50 per kg a day before.
The sugar refiners have started selling sugar in the city's 11 important points at Tk. 42 per kg but their effort to contain the price seems to be in vain, consumers said.
The country's four refiners who supply the major portion of sugar to the local markets have been selling 55 tonnes of sugar each day in the city since August 23.
Golam Mustafa, secretary general of Bangladesh Sugar Refiners' Association (BSRA) told the FE: "This is very unfortunate that the retailers and a section of wholesalers are making windfall profit capitalizing on the increased demand during the month of Ramadan."
Golam Mustafa, who is also chairman of Deshbanndhu Sugar Refinery said: "I started selling 50-kg sack to retailers at Karwan Bazar from Monday to cool down the prices, but the retailers are selling at Tk 50 a kg buying at Tk 39 a kg."
Deshbandhu Sugar Mills is selling 300-sack each day to Karwan Bazar to cool down the prices of sugar.
Abdur Razzak, president of Moulvibazar wholesale merchant association told the FE that the retailers are selling at high prices although the supply and prices remained tolerable.
Delwar Hossain, a leader of Bangladesh Sugar Merchants Association, said: "supply is okay, I don't know why the retailers are selling at high prices."
But a retailer Md Ali, a trader at Shantinagar Bazar told the FE: "We are getting poor supply and this is the main reason behind such abnormal price hike."
During August , the prices of sugar shot up by around 25 per cent in local markets which refiners blamed for unusual price hike of raw sugar in the international market.
The government withdrew the import duty worth Tk 4000 a tonne on raw sugar to stabilise the prices of finished sugar following the price hike of raw sugar in the international market.
Prices of sugar jumped to Tk 52-54 per kilogram (kg) Tuesday in the city's retail market from Tk 50 per kg a day before.
The sugar refiners have started selling sugar in the city's 11 important points at Tk. 42 per kg but their effort to contain the price seems to be in vain, consumers said.
The country's four refiners who supply the major portion of sugar to the local markets have been selling 55 tonnes of sugar each day in the city since August 23.
Golam Mustafa, secretary general of Bangladesh Sugar Refiners' Association (BSRA) told the FE: "This is very unfortunate that the retailers and a section of wholesalers are making windfall profit capitalizing on the increased demand during the month of Ramadan."
Golam Mustafa, who is also chairman of Deshbanndhu Sugar Refinery said: "I started selling 50-kg sack to retailers at Karwan Bazar from Monday to cool down the prices, but the retailers are selling at Tk 50 a kg buying at Tk 39 a kg."
Deshbandhu Sugar Mills is selling 300-sack each day to Karwan Bazar to cool down the prices of sugar.
Abdur Razzak, president of Moulvibazar wholesale merchant association told the FE that the retailers are selling at high prices although the supply and prices remained tolerable.
Delwar Hossain, a leader of Bangladesh Sugar Merchants Association, said: "supply is okay, I don't know why the retailers are selling at high prices."
But a retailer Md Ali, a trader at Shantinagar Bazar told the FE: "We are getting poor supply and this is the main reason behind such abnormal price hike."
During August , the prices of sugar shot up by around 25 per cent in local markets which refiners blamed for unusual price hike of raw sugar in the international market.
The government withdrew the import duty worth Tk 4000 a tonne on raw sugar to stabilise the prices of finished sugar following the price hike of raw sugar in the international market.