The National Board of Revenue (NBR) has reduced the regulatory duty on the import of refined and raw sugar in an effort to stabilise sugar prices in the local market.

According to a statement issued by the NBR on Wednesday, the regulatory duty on both raw and refined sugar has been reduced to 15 per cent from 30 per cent.

The NBR said that global conflicts, political unrest, significant devaluation of the Bangladeshi currency, recent student-led mass uprisings, and flooding have contributed to rising prices of essential goods, including baby food.

There is also a risk that prices of these items may exceed the purchasing capacity of ordinary citizens, the statement warned.

With the reduction the import duty on raw sugar will now be reduced by Tk 11.18 per kilogram, while on refined sugar will be reduced by Tk 14.26 per kilogram.

The NBR anticipates that the price per kilogram of sugar will decrease by at least the same amount as the duty reduction.

Additionally, it is expected that this cut in customs duty will deter smuggling of sugar through illegal channels and promote imports through legal means, thereby enhancing customs duty collection.