"BSFIC has already started marketing locally-produced sugar. We are now considering allowing the corporation to import sugar and sell it through its dealers or TCB," Commerce Minister Altaf Hossain Choudhury told a press briefing in Dhaka yesterday.

The government may also allow TCB to import sugar for open market sale. These measures will help bring down the prices, the minister hoped, saying decisions will be finalised after discussing the issue with other ministries concerned.

The government is going to take these measures in the wake of the price hike of sugar, now selling between Tk 52 and Tk 54 a kg in the retail market.

According to TCB, sugar price has increased by more than 60 percent in a year. The essential commodity was sold between Tk 32 and Tk 34 a kg a year ago.

Explaining the reason, the minister said sugar price in the international market has gone up unusually, reaching $420 per tonne, which was $193 one and a half years back.

The current import price of the essential commodity is as high as $500 per tonne that includes carrying cost, insurance bills and other costs, he added.

Altaf also said the high price of dollar is another reason for the increase in sugar price.

The country is heavily dependent on import as the local sugar production is only 1.35 lakh tonnes against the total annual demand of 12 lakh tonnes.

Brazil and Thailand are major suppliers of sugar but production in these countries has been affected heavily this year, which has pushed the prices up, the minister explained.

Sugar import by private sector importers is less than usual as the importers have become shaky for the unusually high price. The importers may face loss if the price goes down in the global market, commerce ministry officials said.