NN Online Report:
The Trading Corporation of Bangladesh (TCB) has reversed its decision to raise the price of sugar by Tk 30 per kilogram to Tk 100 amidst strong criticism. Consequently, TCB will maintain the price of sugar at Tk 70 per kg. Initially announced on Wednesday evening, the price hike was retracted the following day.
State Minister for Commerce Ahsanul Islam Titu today said that the recent increased price of sugar was due to “our own error”, leading to an increase from Tk 70 to Tk 100 per kg.
“This was our own mistake. I apologise for this. Going forward, we will be more cautious to ensure small issues do not escalate into major ones,” he said while inaugurating the TCB’s commodity sales programme in capital’s Tejgaon area.
Bangladesh faces an annual sugar demand of around 20 lakh tonnes, while its operational sugar mills can only produce 2.1 lakh tonnes. As a result, the country relies on imports for 97% of its annual sugar requirement.
However, the recent devastating fire at the S Alam Sugar Mill in Khatungonj has disrupted Bangladesh’s import-reliant sugar market, despite assurances from the government regarding sufficient supply.
