Sugar price jumps by Tk 20 a kg in 2 weeks

Within two weeks, the price of sugar increased by Tk 20 per kg at retail.

A kg of sugar was being sold for Tk 140-142 yesterday.

Traders claimed that importers and dealers increased the price, reduced the supply and gave the "excuse of high prices in the international market".

They said most of the sugar now in the local market was bought one and a half months ago when the price was less.

According to the International Sugar Organisation (ISO), raw sugar price in the international market has increased 6 percent in a month.

On Thursday, sugar was $670 a tonne, up $40.

About 1,51,000 tonnes of raw sugar was imported this month with an average import price of $520 per tonne, according to the National Board of Revenue (NBR).

Taslim Shahriar, senior assistant general manager of the Meghna Group of Industries, told The Daily Star, "The sugar price is increasing almost every day. Today (yesterday), the price of sugar increased by $ 20 to $670 per tonne in just two hours."

He said, "The mill-gate price of sugar, which is currently awaiting release from port, will be at least Tk 125 per kg.

The Tk 25-30 VAT on every kg of Sugar should be discounted, he said.

This month, Meghna Group delivered 62,920 tonnes that had import prices between $510 and 530, as per documents.

When his attention was drawn to this, Taslim said they have to pay ship owners between $40,000 and $50,000 for each day of delay in offloading the cargo. Besides, the weak taka has increased the cost.

"The average import price of sugar awaiting release from the port is more than $600 per tonne, " he said.