Welcome to Business Outlook
Related Articles
The refiners on Monday requested the government to hike retail prices of packaged sugar by 20% to Tk150 a kilogram, due to high import costs amid rise in its international rates and higher cost for US dollar.
They want to sell sugar at this rate to the consumers from June 22, a week before the Eid-ul-Azha, stated a letter the Bangladesh Sugar Refiners Association (BSRA) sent to Bangladesh Trade and Tariff Commission, more than one a month after the Commerce Ministry hiked packaged sugar prices to Tk125 a kg.
Currently, importers pay duty and tax equivalent to almost Tk40 per kg, which was earlier Tk31 per kg, the letter also mentioned.
Businesses retailed sugar at Tk120 to Tk140 a kg in Dhaka on Monday.
On February 26 this year, the customs authority withdrew Tk3,000 specific duty on the import of a tonne of raw sugar and Tk6,000 on refined sugar with immediate effect.
It also cut the regulatory duty to 25% from the earlier 30%.
The reduced duty benefit expired on May 30.
The BSRA said the present import cost of raw sugar is $640 to $650.
These are released and are marketed after processing.
In March, the price was $0.45 per kg in the world market.
The rate rose to $0.56 in May, according to the World Bank.
(DT)
