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Dhaka: Soon after the proposed budget for 2019-20 was placed on Thursday, the sugar prices have gone up by Tk 120 per mound (40 kg) in the Khatunganj-Chaktai market, the hub for wholesale of commodities in Chattogram, Bangladesh.
According to commodity traders, sugar was being sold at Tk 1,830 per mound on Saturday, which was Tk 1,710 on Thursday.
Earlier, the Finance Ministry has proposed to increase the specific duty and regulatory duty for both refined and raw sugar imports.
For the import of raw sugar, the government plans to hike duty from Tk2000/MT to Tk3000/MT, whereas for refined sugar, it would be increased to Tk6,000/MT from Tk4,500/MT.
A major importer of sugar while talking to the leading news outlet said, “The demand for sugar increased suddenly overnight and few traders are now trying to take benefit of the increased demand.”
It is reported that, soon after the announcement of the tax hike, some wholesalers have hoarded sugar and stopped selling it, which led to the sudden rise in sugar price overnight.