The Financial Express

Sugar output halved amid energy shortage

Refiners report at BCC workshop

| Updated: November 22, 2022 15:55:42

Sugar output halved amid energy shortage

Sugar supply from the refineries declined to nearly half of the normal in the recent days due to production disruptions amid energy-supply shortage, industry representatives reported at a workshop on Monday.

They also attributed it to limitations in opening letters of credit (LCs) for high prices of US dollars and high import duties.

The local refiners could now supply only around 4,000 tonnes of sugar to the market per day against a minimum supply of around 8,000 tonnes in a normal situation, the meeting was told.

Bangladesh Competition Commission (BCC) organised the workshop titled "Controlling Supply and Prices of Sugar in the Local Market" at its office in the city.

Amid the ongoing volatility in the market, sugar prices shot up to Tk 110-120 a kg from Tk 85-95 a kg a month back.

The BCC called upon the companies to know the reasons behind the situation.

Presided over by BCC chairman Pradip Ranjan Chakrabarty, the meeting was also addressed by its members G M Saleh Uddin, Dr A F M Manzur Kadir, Salma Akhter Jahan, joint secretary of commerce Md Daudul Islam, NSI joint director A M Faisal Rahman, DNCRP assistant director Tahmina Begum, BTTC member Mohammad Rayhan Al Beruni, and TCB assistant director Md Nasir Uddin Talukder, said a statement.

City Group director Biswajit Saha, S Alam Group senior general manager Kazi Salahuddin Ahmed, Deshbandhu Group's Mintu Chakrabarty, Abdul Monem Group's head of sales Md Maniruzzaman, Pran deputy manager Tareq Ahmed also spoke from the refining companies.

The refiners pointed out that the gas and electricity supply shortage has been forcing all the refineries to cut production by nearly 50 per cent.

Opening LCs to import sugar has also become very tough amid US dollar shortage in the banks, they added.

The refiners urged the government to reduce the existing higher import duties on sugar.

[email protected]

Share if you like