Sugar prices up despite record cut in import duties

DHAKA: Sugar prices have maintained an upward trend at both wholesale and retail levels in Bangladesh despite a record cut in import duties to keep the market stable ahead of Ramadan.

On Feb 26, the National Board of Revenue lifted 3,000 taka (RM126) specific duty on the import of raw sugar and 6,000 taka (RM252) on refined sugar per tonne with immediate effect. It also cut the regulatory duty on the import of sugar to 25% from 30%.After the reduction, the overall import cost of raw and refined sugar is expected to decline by 6,500 taka (RM273) and 9,000 taka (RM378) per tonne at the import stage, respectively.