Tariff Commission flags up possible sugar price hike in Ramadan

Bangladesh Tariff commission (BTC) has alerted the government to take necessary steps for checking any possible price hike in sugar during the forthcoming Ramadan
The price of the essential commodity has increased on the international market, officials said.
It also advised the government to monitor the price of crude sugar on the global market, they said.
The price of sugar usually increases during holy month of Ramadan in the domestic market and the government cannot prevent the price hike in the essential item despite taking necessary moves, an official said.
Recently, the ministry of commerce (MoC) has asked the BTC to prepare a report on the stock of sugar in the country.
In this connection, the commission has submitted the report to the ministry.
The commission, in its report, said the stock of sugar in the country is adequate and satisfactory but suggested that necessary steps should be taken to maintain normal supply of the item.
It has also suggested increasing the monitoring activities at home and abroad.  
"There is no possibility of increase in sugar prices during Ramadan in the local market as we have a sufficient stock of the essential item," senior commerce secretary Hedayetullah Al Mamoon told the FE.
He expressed the hope that although the price of sugar fluctuated in recent times in the market, the trend will not continue throughout the year.  
The country requires 1.5 million tonnes of refined sugar every year, most of which is met through imports. On an average 0.11 million (1.1 lakh) tonnes of sugar is needed every month. But the amount increases to 0.25 million tonnes during Ramadan, according to the BTC data.
A total of 15 local mills under Bangladesh Sugar and Food Industries Corporation (BSFIC) produce over 0.1 million tonnes of sugar each year, the data showed.
About 1.4-1.5 million tonnes of crude sugar is imported a year which is released to market after refining, a sugar importer said.
The country's five private importers imported 1.2 million tonnes of sugar during the period from July, 2015 to February, 2016.
There is over 0.61 million tonnes of crude sugar with the country's five private refiners and BSFIC. On the other hand, over 0.33 million tonnes of sugar is now in the pipe line to enter the market.
Sugar has become costlier now in the local market. It is selling at Tk 52-55 per kg.
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