Commerce Minister Tipu Munshi on Sunday said traders have agreed to reduce the prices of sugar by Tk 5 per kg after the reduction in import duty on both raw and refined sugar last month.
“As the import duty has been slashed, the prices of sugar can be reduced by Tk 4.5. However, we have requested the traders to reduce it by Tk 5 per kg and they agreed,” he told reporters at a press briefing after the sixth meeting of the task force committee on commodity prices and the market situation at the secretariat.
Tipu hoped that the price of sugar would come down by Tk 5 per kg within the first week of Ramadan.
“We will start monitoring from tomorrow [Monday]. Currently, we are assessing the impact of import duty reduction on sugar.”
‘Have enough stock’
The commerce minister also said the government has enough stock of daily commodities and there is no scope for increasing their prices during Ramadan.
"We have got sufficient oil, sugar, chickpeas, and other essential commodities in stock. There is no scope to increase prices.”
He said the government is working to keep the prices of eggplant, cucumber, lemon, and chicken under control during the holy month.
“Meetings at various levels have been held in the past 15 days to keep the prices of Ramadan goods under control.”
He also mentioned strict vigilance has been ensured to prevent extortion during the transportation of these products.
“No extortion will be tolerated on roads and highways during Ramadan.”
Tipu also said onion price is now at a tolerable level and imports have been slowed down a little bit to give farmers a fair price.
He said that the market will be closely monitored during Ramadan.
“Some may attempt to take advantage of the situation. Anyone who will try to take advantage will face consequences,” he added.