Three weeks after the government reduced import duty for raw and refined sugar to reduce sweetener prices, the commerce ministry has asked the millers and refiners to lower sugar prices by Tk 5 per kg, reports Daily Star.
Despite the government fixing the rates of loose and packaged sugar at Tk 107 and Tk 112 respectively on February 1, the traders in Dhaka’s market were selling sugar at Tk 115 to Tk 120, as per the Trading Corporation of Bangladesh (TCB).
Commerce Minister Tipu Munshi said that the imported sugar following the duty cut is yet to hit the market and this would result in a reduction of Tk 4.5 per kg in retail markets.
The import duty on sugar has been reduced from 30% to 25% by the National Board of Revenue (NBR) through a notification on February 26.
