Govt backtracks on decision to hike sugar price

The industries ministry has backtracked on its decision to hike the price of sugar produced by state-run sugar mills.

The government has changed the decision considering the suffering of people, said a statement.

The announcement came hours after Bangladesh Sugar and Food Industries Corporation (BSFIC), which runs state-owned sugar mills, increased the retail price of its sweetener by 14 percent to Tk 160 a kg.

At present, people in Dhaka city buy sugar at Tk 135-Tk 140 per kg, according to the Trading Corporation of Bangladesh.

The corporation said it had increased the price in line with the rates of sugar in both domestic and international markets.

The BSFIC produced nearly 11,000 tonnes of sugar between July and December of the current financial year, up 20 percent from 9,066 tonnes a year ago.

The corporation said it will sell sugar for Tk 140 per kg.