Sugar refiners in Bangladesh have urged the government to lower import duties on sugar and sufficient gas supply in the factories that would help them to keep the prices of the sweetener normal for the upcoming fasting month of Ramadan, reports The Daily Star.
There is around 30% regulatory duty on sugar imports in the country at present.
The sugar was imported at $430-450 per tonne earlier but now it is being imported at $510-530 per tonne, said Taslim Shahriar, senior assistant general manager at Meghna Group of Industries.
Sugar prices in the country are at a peak compared to the last eight years.
“Revision of duty is important to reduce the prices of sugar,” he said at a meeting conducted at the Federation of Bangladesh Chambers of Commerce and Industry to discuss the price situation, supply, import, and other issues ahead of Ramadan.
Abul Hashem, vice president of the Bangladesh Sugar Merchants Association said, “We are forced to pay a fine if the sugar is sold at higher prices than the fixed by the government. The prices should be fixed at three levels: refineries, wholesalers, and retailers to resolve the issue.”
