Soaring price of sugar Govt listing dishonest hoarders
September 15, 2009
BSS, Dhaka — A section of the unscrupulous hoarders have been involved in soaring the price of sugar in the city’s kitchen markets, causing intense sufferings to the commoners in the holy month of Ramadan, said Commerce Minister Lt Col (retd) Faruq Khan here Monday.
Talking to BSS, he categorically said that there is no other reason for the abrupt price hike of sugar in this holy month. “A section of the unscrupulous hoarders are mainly responsible for it,” he said.
The Minister also held increased price of sugar in the international market as responsible for the abnormal rise in the domestic market,
creating an unholy scope for the profit mongers in the country.
“The government is now listing the names of those traders, who are involved in the manipulation of the price of sugar in markets. Stringent actions will be undertaken against those who will be found guilty in this regard,” he said.
The government, which has already asked the millers to provide the wholesalers with memos against the purchase of sugar, is now investigating how its price is being manipulated in the retail markets.
Besides the appointed dealers, the Trading Corporation of Bangladesh (TCB) started selling sugar at 20 points in the capital city from Monday to keep its price within the reach of common people. “TCB is sending sugar to even the upazila level,” he said.
Chairman of TCB M Jainal Abedin said sugar is being sold at Taka 42 at its outlets but the reality is that the market is volatile. “There may be hoarding of sugar at the wholesalers’ level,” he said.
TCB, which began open market sale of essentials just two days ahead of the holy month of Ramadan, has been purchasing 1,000 tonnes of sugar from four mill gates at Taka 39 per kg, which is being sold at Taka 42 to the common buyers.
According to TCB, the countrywide daily demand for sugar is around 3,000 tonnes and the government is supplying 4,000 tonnes everyday prices at Taka 42 at the consumers level.
“This amply proves that there is something wrong particularly at the wholesale level,” the TCB Chairman said and urged both businessmen and consumers to be more conscious in selling and buying sugar at comparatively tolerable prices.
Jainal Abedin said most consumers are up with panic buying as they think that sugar may be dear in markets across the country in near future.
However, unawareness of consumers and dealers is also, somewhat, responsible for the soaring price of sugar, he said adding that the unscrupulous traders are using it as a tool for their unbridled profit.
Meanwhile, a meeting of the Parliamentary Standing Committee on the Ministry of Industries yesterday suggested Bangladesh Sugar and Food Industries Corporation to cancel the export permit of Deshbandhu Sugar Mill and sell out 5,155 tonnes of unsold sugar in open markets to restore stability in price.
In view of the international price hike, the government earlier withdrew import duty on unrefined sugar and reduced duty on purified sugar to Taka 3,000 from 7,000 per tonne but the price rebounded.
Source: bdnews24.com
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