Commerce ministry will not hold meetings with sugar companies before Eid regarding new prices: Tipu

The Ministry of Commerce will not hold any meetings with sugar companies before Eid regarding new prices, said Commerce Minister Tipu Munshi today. 

"The Directorate of National Consumer Rights Protection will monitor the market to ensure the companies do not charge extra during this time," Tipu Munshi said in response to questions from reporters at a national seminar on Ayurvedic medicine at the Secretariat on Thursday (22 June). 

"The price of sugar has increased in the international market. On the other hand, the price of edible oil has decreased. There is a proposal from the sugar traders to increase the price. The Tariff Commission has also prepared a review report in that regard. But now it is not possible to hold any meeting with the sugar traders to adjust the price. The price will be fixed after Eid al-Adha," the minister added. 

The commerce minister said that there is an assessment of the price of sugar, adding, "the consumer rights commission should monitor the market. It should be ensured that the companies do not charge more than the recommendations of the Tariff Commission."

He said that efforts are being made to reduce VAT on sugar and other tariffs.

Recently sugar companies have increased the price of sugar up to Tk25 per kg recently without the commerce ministry's approval.

Currently, sugar is being sold at a price ranging from Tk40 to Tk160 per kg depending on the company.