Oil, sugar sell at high price

26 September 2022

Staff Reporter :
Defying the government rate, the oil and the sugar are being sold at high price (Previous rate). After visiting few market on Sunday, it was seen that in retail market per kg loose sugar is being sold at Tk 90 and packaged  sugar at Tk 100-105 while loose palm oil at Tk 138-140.
On Thursday, the Ministry of Commerce has announced the new rate of Sugar and palm oil which would be effective from September 25.
The ministry has reduced of palm oil by Tk 12 per litre as the new price - Tk 133 per litre - of palm oil.
Meanwhile, prices of packaged and loose sugar have also been cut by Tk 6 and Tk 8 per kg respectively.
Packaged sugar price has come down to Tk 89 from Tk 95. Loose sugar will be sold at Tk 84, which was previously Tk 92.  
The retail traders said the real scenario of the market is different. Tk 100 has been increased for per sack of sugar selling at Tk 4,300.
They said we heard that the government reduced the palm oil and sugar price. But previous rate of products remain as it was. It will take about seven to 10 days for new price sugar and oil to come in the market.
On the other hand, the Trading Corporation of Bangladesh (TCB) has acknowledged the high price selling of oil and sugar. According to the TCB's latest update, per kg loose sugar is being sold at Tk 90-95 in the capital.
Earlier, Bangladesh Trade and Tariff Commission (BTTC) recommended setting the price of palm oil at Tk133 per litre considering the price situation in the world market and import cost.
The commission believes the price of soybean oil is reasonable at present.
On 30 August, the Ministry of Commerce announced the decision to fix the prices of rice, atta, flour, soybean oil, palm oil, sugar, lentil, MS rod and cement.
Palm oil and sugar were being sold at higher rates than recommended by the BTTC. According to the TCB, palm oil was selling at Tk145 to Tk150 per litre, sugar Tk90 to Tk95 per kg and soybean oil Tk185 to Tk192 per litre in the retail market on Tuesday.

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