TCB backtracks on hiking government mill sugar price before Ramadan

Following the Ministry of Industries, the Trading Corporation of Bangladesh (TCB) has rolled back its decision to raise the sugar price before Ramadan.

They announced that customers can still buy the product at the previous price, with cardholders able to purchase sugar at Tk 70 per kg.

Two weeks after the initial decision to hike the price, the two government agencies have rolled back the decision regarding the pricing of sugar before the Islamic month of fasting.

On Wednesday, the TCB had initially raised the price of sugar to Tk 100. It was later revoked on Thursday morning.

Humayun Kabir, the spokesperson for the TCB, announced the decision to withdraw the price increase via an audio message.

TCB sugar will be sold at the previous rate, and there will be no price increase, State Minister for Commerce Ahsanul Islam Titu assured during a TCB programme for family cardholders at the Dhaka Polytechnic Institute ground in Tejgaon.

There are ample reserves of sugar available, so there will be no shortage in the market, he said.

Regarding the fire at S Alam Group's Chattogram warehouse, he mentioned that it shouldn't affect the market.

"If any mill tries to raise prices or collude, we'll take quick action," Titu said.

On Feb 22, the industries ministry raised the price of government mill sugar by Tk 20 per kg, from Tk 140 to Tk 160.

The decision, announced just 20 days before Ramadan, led to backlash and was subsequently reversed in another notification issued a few hours later.