Consumers Association of Bangladesh (CAB) has urged the government to readjust edible oil prices in the country following their continuous downward trend in the international market. SM Nazer Hossain, Vice-President of the CAB central committee made the call through a statement on Saturday. In the statement, Nazer said Bangladesh Trade and Tariff Commission (BTTC) should readjust the prices of edible oil as the price of this daily essential is decreasing regularly in the international market. He also blamed the BTTC for its reluctance every time for the edible oil price adjustment. Alleging that BTTC only works for the interest of the businessmen, the CAAB vice president said, when prices of edible oil go up in the international market, BTTC raises the price in the local market. But when, price decreases in the international market, it does not show interest to readjust the prices. The statement said the prices of edible oil went ups and down five times from October last year to June this year, while Bangladesh has hiked the oil price in three phases. Read: Edible oil prices to come down soon: Commerce Secretary On May 5, 2022, the government approved a fresh hike in the prices of soybean and palm oil by Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association on grounds of an increase in the global market. BVOVMA fixed bottled soybean oil at Tk 198 per litre while loose soybean oil at Tk 180 per litre. It means bottled soybean oil price increases by Tk 38 per litre and loose soybean oil price up by Tk 44 per litre.
The prices of edible oil are likely to drop within a day or two due to fall in prices in global market, said secretary to the Commerce Ministry Tapan Kanti Ghosh on Sunday. “Good news will come in a day or two about the prices of edible oil. We are focusing on re-fixing the prices of edible oil and the Tariff Commission will sit with the oil refining companies to fix the new prices,” he said. Read: TCB to procure soyabean oil, lentil and sugar from business groups Tapan revealed this information while responding to a question from reporters at a press briefing organised on the occasion of the 12th Ministerial Conference of World Trade Organisation at the secretariat. Bangladesh import soybean oil from Paraguay, Brazil and Argentina and it takes 45 to 60 days to arrive in Bangladesh, he said. Read:Soybean oil price goes up again On June 9, bottled soybean oil price jumped to Tk205 per litre.
Fixed income group and lower middle class people are struggling to cope with soaring prices of edible oil, rice, flour, eggs, onions, sugar, lentils, meat and fish. Though the Directorate of National Consumers Right Protection (DNCRP) is focusing on controlling the price of edible oil, other commodities are selling at a higher price. Without any valid reason prices of these are being hiked twice in a week, said advocate Humayun Kabir Bhuiyan, General Secretary, Consumers Association of Bangladesh (CAB). “Soybean prices are being discussed and criticized across the country for various reasons such as shortage of supply, stockpiling, manipulation of mill owners, high profitability of sellers. The government should work to monitor and make decisions on the situation on the ground,” he told UNB. The reality is not just edible oil, prices of all products are going up, he said. Also read: Govt doing its best to rein in prices of essential commodities: PM The non-governmental organization Consumers Forum (CF) has analyzed the wholesale market from January to March this year.
Prices of beef and all kinds of chicken have shot up in the capital's kitchen markets ahead of Eid-ul -Fitr with the rise in demand. The price of beef has increased by Tk 30 to Tk 50 to Tk 700-750 per kg while prices of all kinds of chicken went up by Tk 20 to Tk 30 per kg in the capital on Sunday. Visiting kitchen markets in different areas including Khilgaon, Malibag, Shantinagar, Rampura Basabo, the UNB correspondent found that the traders are selling beef at Tk 700 (average) per kg to Tk 750 (premier quality) per kg. Also read: Govt doing its best to rein in prices of essential commodities: PM Beef is selling at Tk 750 per kg at meat shops in Mugda area though the list shows the price at Tk700 per kg.Traders said from the first to the 26th of Ramadan, the rate was Tk 650 to Tk 680 per kg and from Friday beef is being sold at Tk700 per kg due to rise in demand during Eid like the previous years. Besides, high cattle prices and their high carrying costs have pushed up beef prices , they said. Yaqub, a resident of Shantinagar ,who came to the market to buy beef said that the price goes up every day. Also read: Beef, mutton prices go up in Sylhet "At the beginning of Ramadan I bought one kg of beef at Tk 650. I bought it today (Sunday) at Tk750. We have nothing to say,” he said. Besides, the price of broiler chicken has gone up. Sohag, a chicken trader at Kaptan Bazar, said he sold broiler chicken at Tk 170 per kg on Saturday which is Tk 190 per kg today. “I sold it at Tk 160 per kg a week ago. Sonali and layer chicken prices have also increased. Today (Sunday) Sonali (cock) chickens are being sold at Tk350 to Tk360 per kg, which was between Tk 290 to Tk 300 per kg at the beginning of Ramadan.” Layer (red) chicken is being sold at Tk280 per kg white layer chicken at Tk250 per kg.
The commerce minister Tipu Munshi MP on Sunday said there is no possibility of shortage of any goods during the Ramadan as there is enough stock. The prices of almost all goods have remained stable and it will continue, as the ministry is working against illegal stocking and creating panic in the markets, he said. The minister came up with the remarks while addressing a press briefing after visiting Karwan Bazar, the largest kitchen market in the capital on Sunday. Also read: Prices of essentials to stay tolerable during Ramadan: PM Tipu Munshi said the consumers are getting benefits from the tax reduction and tax withdrawing on essential commodities.
Shares were mostly lower in Asia on Friday after Wall Street extended a rally into a third day and oil prices pushed higher, surpassing $105 per barrel. Tokyo and Sydney advanced while Hong Kong, Shanghai and Seoul declined. Ukrainian President Volodymyr Zelenskyy called for more help for his country after days of bombardment of civilian sites in multiple cities over the past few days. The war, and plans for President Joe Biden to speak with Chinese President Xi Jinping later Friday were among the uncertainties overhanging markets. READ: Gazette issued reducing VAT on edible oil import The White House said the conversation will center on “managing the competition between our two countries as well as Russia’s war against Ukraine and other issues of mutual concern.” Wrapping up a two-day meeting, the Bank of Japan opted to keep its monetary policy unchanged, with its benchmark interest rate at minus 0.1%. Japan's central bank has been keeping interest rates ultra low and pumping tens of billions of dollars into the world's third largest economy for years, trying to spur faster growth. Tokyo's Nikkei 225 index rose 0.1% to 26,667.23 and the S&P/ASX 200 in Sydney gained 0.3%, to 7,275.30. But Hong Kong's Hang Seng sank 2.6% to 20,952.53 after barreling higher for two days after Chinese leaders promised to provide more support for the economy and markets, suggesting Beijing might temper its crackdowns on technology and real estate companies. The Shanghai Composite index slipped 0.3% to 3,205.90. On Wall Street, the S&P 500 climbed 1.2% on Thursday, closing at 4,411.67, after surging more than 2% in each of the prior two days for its best back-to-back performance in nearly two years. Big swings in markets have become the norm as investors struggle to handicap what will happen to the economy and the world’s already high inflation because of Russia’s invasion of Ukraine, higher interest rates from central banks around the world and renewed COVID-19 worries in various hotspots. The Dow Jones Industrial Average added 1.2% to 34,480.76. The Nasdaq rose 1.3% to 13,614.78. The tech-heavy index is on pace for its biggest weekly gain in more than a year. Smaller company stocks outpaced the broader market. The Russell 2000 index surged 1.7% to 2,065.02. The market’s latest gains come after the Federal Reserve raised its key interest rate Wednesday for the first time since 2018, something Wall Street had been expecting for months. A barrel of U.S. crude oil gained $2.58 to $105.56 per barrel in electronic trading on the New York Mercantile Exchange. It jumped 8.4% on Thursday to settle at $102.98. Brent crude, the international standard, added $2.42 to $109.06 per barrel in London. It leaped 8.8% to settle at $106.64 per barrel. Prices have been careening on doubts over both supplies of and demand for oil. After briefly topping $130 early last week, a barrel of U.S. crude fell to nearly $94 a barrel on Wednesday. But reports of a sale of Russian crude oil to India and apparent setbacks in peace talks between Ukraine and Russia have renewed concern over possible shortfalls in supplies. Asked about the reports India was buying oil from Russia at a discounted price, India’s External Affairs Ministry spokesman Arindam Bagchi did not directly confirm or deny them. “India imports most of its oil requirements," Bagchi said. “We are exploring all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India.” He also noted that European countries are importing oil from Russia. Dribbles of news about the state of negotiations between Russia and Ukraine have caused many of the sharp reversals. So too recently have worries about economic shutdowns in China because of surges in COVID-19 infections, which could hit demand for energy. On Thursday, the Chinese government said companies in Shenzhen, a major business center, will be allowed to reopen while efforts to contain coronavirus outbreaks progress. Their earlier closures had rattled financial markets. A wave of better-than-expected reports on the U.S. economy Thursday may also have helped markets. Fewer workers applied for unemployment claims last week, and builders broke ground on more homes last month than economists expected. In other trading, the yield on the 10-year Treasury note fell to 2.17% from 2.20% late Thursday. The dollar rose to 118.78 Japanese yen from 118.60 yen. The euro fell to $1.1082 from $1.1092.
Commerce Minister Tipu Munshi has said the government is forming a taskforce to monitor essentials' prices, and to conduct a nationwide drive against illegal hoarding. The minister informed reporters of the development after an inter-ministerial meeting held at the Secretariat on Sunday afternoon to set a work plan for reining in the prices of essential items, despite record food stocks in the government's warehouses. Moreover, the Commerce Minister said that the number of TCB trucks selling essential goods in Dhaka has been increased to 150, from 50. Overall across the country, the number of such trucks will be increased to 1000 from 500. Also read: Also read: Home Minister Asaduzzaman Khan Kamal presided over the inter-ministerial meeting. After the two-hour meeting, Munshi told reporters that the impact of the Ukraine-Russia war had been felt in Bangladesh as well. However, he also said many dishonest traders are taking advantage of this. Strict instructions have been given to the law enforcement agencies in the meeting to monitor markets so that prices do not get out of hand. Also read: Ministers 'joking' with people about price hike: BNP Top officials of the administration including Commerce Minister Tipu Munshi, Agriculture Minister Dr. Mohammad Abdur Razzaqu and Police Chief Benazir Ahmed were present at the meeting. Recently, the prices of soybean oil, onion and other essential commodities have been rising uncontrollably. Also read: Slashing VAT, taxes on essential commodities during Ramadan under consideration: Home Minister There has been a huge reaction among the common people, who are not at all pleased to be confronted with such runaway inflation, before they could even recover fully from the pandemic's hit . People from all walks of life are expressing their anger. Various protest programs are also going on in the political arena over the issue.
The Directorate of National Consumers’ Rights Protection (DNCRP), under the Commerce Ministry, will launch a special drive in the wholesale market in March to keep prices of commodities under control in the Holy Ramadan. AHM Shafiquzzaman, Director General (Additional Secretary) of DNCRP, came up with the disclosure in an exchange meeting held on Tuesday with the leaders of various business organizations of wholesale and retail market in the capital. The meeting was attended by Monjur Mohammad Shahriar, director of the department, deputy directors Atia Sultana, Afroza Rahman, and Bikash Chandra Das and leaders of various trade organizations of wholesale and retail markets of Dhaka including Karwan Bazar, Moulvibazar and Shyambazar. READ: No hike in edible oil prices in 15 days, readjustment after that: Minister The DG of DNCRP has expressed satisfaction on the current stock situation of daily commodities. The price of oil has been fixed and will remain in force till the Ramadan and Eid. “We have informed the traders today (Tuesday) that those who will buy and sell the goods must keep a receipt of how much they bought the goods for. Action will be taken immediately if there is any evidence of selling products at higher prices in the campaign. Jail or fine will be faced according to the law,” said Monjur Mohammad Shahriar, director of DNCRP. Talking with UNB regarding the meeting, Monjur Shahriar said the DNCRP would conduct a special operation from March to keep the prices of daily commodities stable during the upcoming month of Ramadan.
Edible oil prices will not be raised in the next 15 days but will be readjusted with the global market after a meeting with stakeholders, said Commerce Minister Tipu Munshi. “This is how the oil prices need to be kept stable during Ramadan. Or else, traders will be discouraged to import it,” said the minister on Wednesday. Tipu Munshi was talking to reporters at the Osmani Memorial Auditorium in the capital after the DCs Conference. READ: No increase in edible oil price now, govt decides after meeting with traders "We need 20 lakh tonnes of edible oil per year. But the country can supply only two lakh tonnes. As a huge quantity of oil has to be imported, any rise in the prices on the international market also affects the local market,” Tipu added. The minister said now the price of edible oil on the international market has gone up to Tk 8000-10,000 per container from Tk 2,000-2,500, resulting in price hike here. “So, the prices need to be readjusted one and a half or two months later.” If the prices are not readjusted, the traders will not open LCs ahead of Ramadan which may cause a horrible situation during the holy month, he added. About the tendency of traders not to open LCs, Salman F Rahman, Private Sector Industry and Investment Adviser to the Prime Minister, said, “If the traders don’t want to open LCS, the government can force them. They won’t import anything incurring losses. But we’ve to make sure they don’t make excessive profits,” he added. The commerce minister said, “We’ve talked to them over the matter. We’ll sit on February 6/7 and adjust the edible oil prices comparing the international market price and its associated costs. We made a decision in this regard today.” Tipu Munshi urged the DCs to play a stronger role in keeping the prices of essentials stable during the holy month of Ramadan. READ: Edible oil to get costlier by Tk 7 per litre from Wednesday They have been instructed to strengthen the market monitoring to keep the prices of key items at a tolerable level during the Ramadan. “Ramadan is coming and we will fix the prices of some items and the DCs have been asked to monitor it strictly and take legal action,” the commerce minister added.
BNP standing committee has demanded the government lower the prices of diesel, kerosene and LPG considering public sufferings. At a virtual meeting on Monday night, the BNP policymaking body also urged the government to take effective steps promptly to lower the prices of daily essentials, including rice, pulses, edible oil and salt. The meeting elaborately discussed the overall impact of the LPG and diesel and kerosene price hike on the lives of the people as a whole and on the economy, said a press release signed by BNP Secretary General Mirza Fakhrul Islam Alamgir on Wednesday. Read: Transport fare, fuel price hike a “trick to loot people”: BNP “The meeting thinks, the number of the poor will increase and public sufferings will deepen further due to the price hike of fuel oil and LPG as the incomes of many have declined while many others lost their jobs during the corona period,” Fakhrul said. He said the BNP policymakers decided that BNP and its associate bodies will observe programmes in protest against the fuel price. Fakhrul said the meeting expressed deep concern over the findings of a survey that the number of the new poor in the country stands at around 3.24 crore. A survey jointly conducted by Power and Participation Research Centre (PPRC) and Brac Institute of Governance and Development (BIGD) revealed that 79 lakh people were added to the previous 2.45 crore new poor following the second wave of the coronavirus. Fakhrul said their standing committee thinks such a situation has been created in the country due to indifference, incompetence and wrong policies of the government. “Unplanned restrictions to contain corona have contributed to raising the number of poor. The situation is further compounded for not announcing financial incentives for low-income people and the informal sector, depriving due wages of workers in the mills and factories and not providing marginalised people with food and financial assistance,” the BNP policymakers observed. The BNP standing committee meeting also voiced concern over the recent killing of two Bangladeshis by Indian Border Security force (BSF) members along Dona border in Sylhet’s Kanaighat upazila. The meeting deplored that the killing of Bangladeshi nationals along the border by BSF troops has become a regular affair. “This is undoubtedly an extreme violation of human rights. Such heinous killings don’t take place on a regular basis along any other border of the world,” Fakhrul said. Read:People facing “starving-like situation”: BNP He said their meeting thinks BSF keeps on killing Bangladeshis due to the government's ‘knee-jerk’ foreign policy. “The meeting strongly condemned and protested the killings and demanded immediate effective steps by the authorities concerned of India and Bangladesh to stop such inhumane killings.” BNP standing committee members Khandaker Mosharraf Hossain, Jamiruddin Sircar, Mirza Abbas, Gayeshwar Chandra Roy, Dr Abdul Moyeen Khan, Nazrul Islam Khan, Mirza Fakhrul Islam Alamgir, Amir Khosru Mahmud Chowdhury, Selima Rahman and Iqbal Hasan Mahmud Tuku joined the virtual meeting chaired by party acting chairman Tarique Rahman.