Five companies are enjoying an oligopoly in the sugar market, which was worth more than Tk 9,000 crore in fiscal year 2022-23, as they have expanded their refining capacities to meet increasing demand.
Sugar prices show no sign of falling in Bangladesh although refining activity is going on in full swing thanks to the improvement of gas supply to refiners to a large extent.
Consumers are already bearing the brunt of the high prices of edible oil, wheat and rice for the Russia-Ukraine war and unfavourable weather conditions on the domestic front.