In a move aimed at stabilizing the sugar market, Bangladesh has announced its plans to purchase sugar from US-based supplier Accentuate Technology Inc at a rate of Tk 83 per kg, according to a report by Bdnews24.
The decision was approved by a cabinet committee on Wednesday, granting nod for the state-run Trading Corporation of Bangladesh to procure 12,500 tonnes of refined sugar valued at Tk 662.7 million.
Syed Mahbub Khan, additional secretary of the Cabinet Division, explained that the previous purchase of sugar from Turkey had cost Tk 82.94 per kg, but the new deal with the US supplier will cost to Tk 82.85 per kg.
The government’s decision to raise the price of sugar by Tk 16 per kg on May 10 was driven by the increased costs associated with imports. As a result, the retail price of unpackaged sugar surged to Tk 120 per kg, while packaged sugar reached Tk 125 per kg. Unfortunately, the shortage of packaged sugar compelled consumers to pay no less than Tk 150 for unpackaged sugar, with some companies even selling packaged sugar at Tk 150 per kg.
The procurement of sugar from the US supplier is expected to provide relief to consumers by increasing the supply of packaged sugar and potentially stabilizing prices in the market.