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Country's sugar refiners have proposed the government to purchase sugar from their member mills to ensure buffer stock and thus keep the price stable during the next Ramadan, officials said.
Bangladesh Sugar Refiners Association (BSRA) made the plea to the state agency Bangladesh Sugar and Food Industries Corporation (BSFIC) on Saturday.
The association made the plea in the backdrop of the recommendation of importing necessary sugar to keep the price of the item under control during Ramadan by the standing committee on industries ministry.
Towards the end of the last month, the standing committee on industries ministry suggested importing necessary sugar before the holy month of Ramadan.
Currently, there are five private sugar refineries in the country. They have been selling necessary sugar by refining raw sugar imported from the global market.
The association claimed that currently, the annual production capacity of private refineries is around 4.0 million tonnes of sugar.
On the other hand, the country's annual demand for sugar is now about 2.0 to 2.2 million tonnes.
The refiners also claimed that they meet almost the entire sugar demand of the country.
"If government thinks that the sugar market is likely to be volatile in the month of next Ramadan and there is a need to store sugar at the government level, we agree to provide the required volume of sugar subject to the international market, duty structure, production cost, " BSRA said.
"We have most recently received a proposal from the country's sugar refiners association on purchasing their sugar. We have not taken a decision yet in this regard," an official of the BSFIC said.
Last October, the association proposed to adjust the sugar prices. But, the government is yet to take a decision in this regard.
Currently, sugar prices are higher in the retail market.
The essential is selling at Tk 75-85-a kg in the retail markets, according to traders.
The annual local demand for refined sugar is 1.6 million tonnes, the bulk of which comes through import.
On average, 0.11 million tonnes of sugar is required per month, according to the official data.
Generally, the government collects sugar to sell through its OMS (open market sales) programme that operates by the state-run trading corporation of Bangladesh (TCB).
TCB sells some key essential items including sugar at subsidised rate to the consumers throughout the year.