Commerce Minister Tipu Munshi has said that the prices of some commodities, including sugar, would come down within a few days.
“Prices cannot be controlled due to the increase in the value of the dollar. Therefore, if the price of goods decreases in the international market, it will not affect our market much. However, the fuel crisis is lessening around the world. As a result, it will affect production as well. Therefore, the prices of some commodities, including sugar, will come down within a few days. Now only 66% of demand for sugar is being produced, the deficit being 33%,” he said.
He made these remarks at the fourth meeting of the task force regarding the review of essentials prices and market conditions at the Ministry of Commerce on Thursday.
The meeting, chaired by the commerce minister, discussed the current situation of price and production of rice, sugar, onions, wheat, flour, and soybean oil.
The demand for sugar production and import was discussed.
The commerce minister said: “The production of sugar went down due to the fuel crisis. Therefore, the price of sugar had to be increased. However, in the next two to three days, the fuel crisis will be solved to some extent. This will reduce the price of sugar.”
"Now, permission to import wheat from Ukraine has been obtained. However, wheat cannot be brought due to the unavailability of ships. As a result, wheat prices are going up. However, wheat prices would reduce once the export would start coming,” he said.
“Oil prices will be adjusted again soon. However, there is no reason for people to worry as the government is trying to control the price hike,” he added.
