Tipu Munshi expects sugar prices to drop in line with import duty

The National Board of Revenue (NBR) has been requested to take steps towards reducing the import duty on sugar, Commerce Minister Tipu Munshi said on Sunday.


The price of sugar will come down as a request has been made to NBR to reduce import duty on the daily item, which will create an effect on the price of sugar, he said. It is expected that the reduction in import duty will also allow the importers to sell on their goods at a lower price.


The minister revealed this information while talking to reporters after a meeting with the representatives of the chamber and trade bodies at the Secretariat.


Read more: Industries minister says sugar shortage ‘artificial,’ blames traders’ hoarding


“The government has fixed the price of sugar in the month of November but it is now being sold at Tk 120, why? According to the documents, there is plenty of sugar available. The Directorate of National Consumers’ Rights Protection (DNCRP) has started a crackdown against the illegal hoarders and slapped fines. Now punitive action such as jail will be taken, if needed,” he said.


Government is working hard as the common people can get sugar at a low price, said the minister.


Referring to the upcoming Ramadan, Tipu Munshi said the government is working and will keep working to keep the supply of essential commodities normal during Ramadan.


The ministry will soon form a committee to strengthen monitoring and vigilance to check soaring prices of essential commodities, said the minister.


Read more: Soybean oil, sugar prices go up again


Bangladesh Bank will also form a crisis management committee to monitor the market and supervise the import of goods, he said.


The committee will hold a meeting every three months to avoid any untoward situation.


Source: United News of Bangladesh