FE REPORT
The prices of sugar have already increased, although the holy month of Ramadan is still about one and a half months away.
Sugar sold at Tk 100-110 a kg in the capital's markets on Sunday, up from Tk 95-100 seven days back.
According to the Trading Corporation of Bangladesh (TCB), sugar prices rose by 5.25-10 per cent in a week, depending on quality.
Altaf Ali, a grocer in the capital's Adabar area, said the wholesale prices of sugar had increased.
"We make a profit of only Tk 4.0-5.0 per kg. Non-packaged sugar is selling at Tk 100 per kg, while the packaged one, depending on the brand, is priced at Tk 104-105 per kg at Moulavibazar, one of the oldest grocery markets in Dhaka," he said.
He also claimed traders had stocked sugar to make profits before Ramadan and some were selling it only to regular customers.
Non-packaged sugar prices had increased by Tk 50 per sack (50 kg) in the last two weeks, added Ali.
The Consumers Association of Bangladesh (CAB), in a press release on Saturday, condemned the sudden sugar price hikes, blaming artificial shortages and market syndicates for the rise and urged immediate government action to protect consumers.
Muzibur Rahman, head of accounts at Meghna Group of Industries, one of the country's largest commodity importers and processors, said imports remained normal and there was no supply disruption, but stockpiling had temporarily pushed up prices.
"The market has enough sugar for the next few months," he said.
Bangladesh consumes 2.2 to 2.5 million tonnes of sugar annually, with about 0.35 million tonnes used during Ramadan, according to the commerce ministry.
Imports mostly meet the demand as local production is merely 30,000 tonnes.
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