Potato, sugar, oil prices still hover high

Egg, onion rates almost unchanged


FE REPORT | Published: September 16, 2023 22:47:01


Potato, sugar, oil prices still hover high

Eggs and onions showed a slight decline, but potato, sugar and edible oil remained much higher than the government-fixed rates on Saturday despite the ongoing operations by agencies concerned.
Commerce ministry on Thursday morning fixed the maximum retail prices (MRPs) of potato at Tk 36, onion at Tk 65 a kg and eggs at Tk 12 apiece to stabilise the market.
Egg price dropped to Tk 12.3-12.9 apiece (Tk 148-155 a dozen) in Dhaka city on Saturday from Tk 13.3-13.75 earlier.
Meanwhile, local onion price fell by Tk 10 a kg as retailed at Tk 75-85 while imported Indian varieties remained static at Tk 65-70 the same day.


But potato price remained still higher as stored 'diamant' variety sold at Tk 45-50 and cardinal at Tk 50-55 a kg defying the state-set rate of Tk 36 maximum.
However, sugar price remained higher as loose sugar still sold at Tk 135-145 a kg in the retail market against the newly-fixed rate of Tk 120 a kg.
New soybean bottle is yet to hit the market as old bottles were sold at Tk 174-179 a litre.
Palm oil was sold at Tk 145-150 a litre on the day against the new rate of Tk 124.
Asked, Kamal Ahmad, a spice trader at Shyambazar, said it would not be possible to bring the local onion price within Tk 65 a kg at retail level.
He said the price declined by Tk 10.0 a kg but it was still Tk 66-67 a kg in onion hubs like Rajbari and Faridpur.
Onion was traded at Tk 68-71.5 a kg at Shyambazar. Retailers were selling the item at Tk 80-85 in city markets.
Juel Rana, a Shankar-based grocer, said no companies deliver new soybean bottles. "We have old products and are selling those at Tk 174 a litre."
Many groceries have bottles with Tk 179 a litre tag.
He said sugar companies stopped delivering packet sugar from April, adding that loose sugar price was still Tk 133 a kg in Dhaka's Moulvibazar wholesale point.
"We're selling sugar at Tk 140 a kg at a 4.5-per cent profit," said Mr Rana.
Meanwhile, Directorate of National Consumer Rights Protection (DNCRP) director general AHM Safiquzzaman himself conducted a drive in Munshiganj potato hub.
Visiting 'Riverview Cold Storage' at Muktarpur in Munshiganj in the afternoon, he seized 10,000 sacks of potato from there as the owner did not keep proper receipts of his trading.
"As businessmen couldn't show proper paper, we asked the local Deputy Commissioner's office and Superintendent of Police to manage to sell those potatoes at the price of Tk 27 a kg," said Mr Zaman.
He asserted that there was no shortage of potatoes in the country amid record production.
"An invisible hand is destabilising the potato market. Potato market will come under control in next few days," added Mr Zaman.
Meanwhile, Consumers Association of Bangladesh vice-president SM Nazer Hossain said only egg and onion showed a slight decline but all other products remained same despite drives by government agencies.
He said jail term should be in place for traders who would be found guilty with intent to control the market.
"The Department of Agricultural Marketing, Department of Livestock Services, DNCRP, Trade and Tariff Commission and the Competition Commission should work collaboratively to bring rationality in the volatile market," he added.
tonmoy.wardad@gmail.com

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