Galloping prices of sugar

BANGLADESH – Consumers, apparently, have no respite from the onslaught of the greedy traders dealing in essential commodities. If these traders decide to fleece the consumers by raising the prices of one commodity today, they would shift to another tomorrow and thus continue with their unethical and immoral business practices. Unscrupulous traders have been enjoying a freehand as the government continues to shirk from its responsibilities on the pretext of unhindered operations of free market economy.

Sugar, of late, has turned extremely sour because of its galloping prices. The prices of the item started increasing on the eve of the holy month of Ramadan. And since then its prices have been going up and up and it now sells between Tk. 55 and Tk. 56 a kilogram. The rise in prices of the item is about 100 per cent over a period of last one year. There is no denying that the prices of sugar has increased in the international market, for Brazil, the world’s largest exporter of sugar, has scaled down the volume of export in recent months. The unabated hike in the prices of petroleum products in the international market has forced the South American country to reduce sugar exports. It is now using sugarcane to produce ethanol, an alternative fuel, to cut its costs on the import of petroleum fuels. Moreover, there has been continuous erosion in the value of the Bangladesh Taka vis-