Sugar market to be stable in a day or two: DNCRP

The sugar market will return to normalcy in a day or two, said AHM Shafiquzzaman, director general of the Directorate of National Consumers Right Protection (DNCRP), on Sunday.

“We are conducting drives in markets today. If we find any illegal hoarding of sugar, legal steps will be taken against the responsible traders,” he told reporters after a meeting with sugar traders in the capital’s Karwan Bazar.

Refiners say they are failing to refine raw sugar for the lack of adequate gas supply, which has forced them to cut output by up to 50 per cent. This is disrupting the sweetener’s supply to the market.

In the last two days, the DNCRP spoke to the top officials of the gas distribution companies and their parent company, Petrobangla.

“The officials assured me that they would ensure gas supply to the zones where sugar refineries are located,” said Shafiquzzaman.

“There is nothing to be panicked about,” he added.

In the last several days, sugar prices rose across the country amid the supply crunch.

Currently, loose sugar is being sold at Tk 100-110 a kg in the retail market. Packaged sugar is currently hard to find.

According to the Trading Corporation of Bangladesh (TCB) data, loose sugar was sold at Tk 100-105 per kg in kitchen markets on Sunday, up from Tk 90-95 last Tuesday. According to government-fixed rates, the price of loose sugar is Tk 90 a kg while that of branded packaged sugar is Tk 95.

Zafar Iqbal, a sugar trader in Karwan Bazar, said, “I sell fresh packaged sugar. I bought more than 200 sacks (50 kg) of sugar on the 19th. All were sold in just an hour and a half.”

“I placed an order with Meghna Group in September and still have not received the sugar. We are not getting sugar from companies. If we get it, we will supply it to the market,” he added.

Shafiquzzaman said in response, “If you are not getting sugar, why are you not complaining to us? You tell me today which company is not supplying to you.

“I will supply five to 10 sacks from today on my own initiative. It will be given to you from today, but no one can sell sugar at a higher price.”