The local sugar market is still volatile even after fixing the maximum retail price (MRP) nine weeks ago by refiners and the government.
Although the price of loose sugar was fixed at Tk107 a kg and that of packaged sugar at Tk112 by the refiners on January 26, the essential commodity is still selling at Tk118-130 a kg.
Visiting groceries in Dhanmondi, Palashi and Segunbagicha, it was found that loose sugar was selling at Tk118-125 a kg while only two groceries had packet sugar which was selling at Tk120-130 a kg.
Even though the price labelled on the packets was Tk112 a kg, the groceries were selling them at Tk120-130 a kg.
Earlier, on January 26, Bangladesh Sugar Refiners Association (BSRA) with consent of the commerce ministry revised sugar's maximum retail price (MRP) up to Tk107 in loose state and Tk112 in packet per kg.
The association of refiners of imported raw sugar last hiked the prices by Tk8 a kg to Tk102 and Tk108 respectively on November 17 last year.
Vice President of the Consumers Association of Bangladesh (CAB) SM Nazer Hossain said the prices of sugar, fixed by the government and the refiners, are not working in the market.
The lack of monitoring as well as absence of exemplary punishment for wrongdoers is the key reason behind volatility in the essential market, he added.
According to the Commerce and Industries Ministries, Bangladesh's annual demand for sugar is 2-2.2 million tonnes, of which it produced only 28,000 tonnes in 2022.
Ten major refiners import 2-2.4 million tonnes of sugar annually to meet the massive demand.