Sugar prices in Bangladesh soar despite import duty cut

Highlights: NBR cut the duties by half on November 1 Duty on raw sugar cut to Tk1,500 per tonne Duty on refined sugar cut to Tk3,000 per tonne Retail price increased by Tk10 per kg over 2 weeks Wholesale price per maund rose by Tk500 Wholesalers blame millers for not providing supply as per demand 96% of demand for sugar is met through import ​​​​​​​​​The recent decision by the National Board of Revenue (NBR) to reduce import duties on both refined and raw sugar by half has failed to benefit consumers, as sugar prices continue to soar in wholesale and retail markets. On November 1, the revenue board reduced the import duty on raw sugar to Tk1,500 per tonne and refined sugar to Tk3,000 per tonne. The move was intended to stabilize the price of sugar ahead of the upcoming national elections. However, two weeks after the duty cuts were announced, sugar prices have actually risen. In the wholesale market in Chattogram, the price of sugar per maund (37.32 kilograms) has increased by ...