Tipu instructs DNCRP to monitor sugar prices in markets

Commerce Minister Tipu Munshi on Thursday instructed the Directorate of National Consumer Rights Protection (DNCRP) to monitor sugar prices in markets.

"The DNCRP will monitor the market so that the companies cannot take extra charge for sugar," said Tipu in response to questions from reporters at a national seminar on 'Present Status and Future Prospect of Ayurvedic System of Medicine in Bangladesh' at the Secretariat in Dhaka, said a press release.

He mentioned that the global price of sugar has been on the rise, impacting the price of sugar in the 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," he added.

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 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.

Source: BSS