The wholesale market in Bangladesh has witnessed a hike in sugar prices after the refiners declared to sell sweeteners at higher prices from February 1, reports The Daily Star.
The prices increased even after the government fixed the retail prices of sugar that are lower than the existing market rates.
The Bangladesh Sugar Refiners Association discussed the price situation with the Bangladesh Trade and Tariff Commission and the commerce ministry on January 26 and announced a hike of Tk 5 per kg on the same day taking new rates to Tk112 for packaged sugar and Tk 107 for non-branded sugar that would come into effect on February 1.
However loose sugar is being sold at Tk 115 to Tk 120 per kg and packaged sugar is sold at Tk 120 to Tk 125 in several parts of the country.
Supply shortage, increase in production costs and higher import payments is leading to selling sugar at higher prices, said retail traders and importers.
For the last five to six months, the sugar market in Bangladesh has been facing a shortage. In the last year, the retail price of sugar has increased by 0.33% and 2.22% in the last week, as per the data from the Trading Corporation of Bangladesh.
