Commerce Minister Tipu Munshi on Thursday directed the Directorate of National Consumer Right Protection (DNCRP) to monitor sugar prices in local kitchen markets.
“The global price of sugar has been on the rise, impacting the price of sugar in our country as well. Tariff Commission has been instructed to align local prices of Sugar with the international market. They have reported that there is some discrepancy between domestic and international sugar prices, which they intend to balance,” said the commerce minister while speaking to the journalists following a seminar at the ministry.
Responding to a journalist's query, Tipu Munshi said that a request would be made to the National Board of Revenue (NBR) to reconsider the existing tariff on sugar, potentially reducing or eliminating it.
“This could lead to a reduction in the sugar price,” he hoped.
The commerce minister also highlighted that as international soybean oil prices have fallen, the local market has followed suit and is selling the oil at reduced prices.
He underscored the government's relentless effort to keep the price of essential commodities within the reach of the general public.
However, the prices of imported goods have to be sold in accordance with international market prices, he added.
Furthermore, the minister said that most of the sugar and edible oil required in the country are imported. Hence, the rise and fall of these two products in the international market inevitably affect the domestic market.
