Traders on the prowl to disrupt rice mkt

Now rice traders are on the prowl to make exorbitant profit by raising rice prices notably despite having an all-time high production of the food-grain in the country.
Prices of both coarse, medium and finer rice showed a hike of Tk 4.0- 6.0 a kg in the last two days in the groceries, battering consumers further.
Coarse rice is retailed at Tk 55-56, medium BRRI dhan 28 at Tk 66-68 and finer miniket, nazirshail (loose) at Tk 75-82 a kg.
Md Juel Rana, a grocer at West Dhanmondi, said rice prices have increased by Tk 150-200 a 50 kg sack in Mohammadpur Agricultural Market in the last two days.
Traders have been charging Tk 3,200 a sack for BRRi dhan 28 and Tk 3590-3620 a sack for quality jeerashail/miniket, he said.
Contacted, Ahmed Hosain, a trader at Babu Bazar rice wholesale market in the city, said millers are supplying BRRI dhan 28 at Tk 3,050-3,100 a sack from Saturday.
He said prices of most rice varieties have increased by Tk 3.0-4.0 a kg in the mill-gates.
However, branded finer varieties remained static at previous highs at Tk 80-101 a kg, according to city groceries and online portals.
Asked, Md Shamsul Hoque, a Nilphamari-based miller, said prices of rice have showed a minimal 2.0 a kg in the last 15 days in Nilphamari and Rangpur following a surge in paddy prices by Tk 60-100 per 40 kg or maund.
He said coarse paddy price soars to Tk 1,450 a tonne while 28 at Tk 1,550 a tonne.
He said major hike has happened in Naogaon, Joypurhat and Dinajpur.
Value chain expert Prof Golam Hafeez Kennedy told the FE that the country produces all-time high 40.3 million tonnes of rice in the FY'24.
He said harvest in Boro and Aus seasons from May to August is nearly 23 million tonnes.
He said surge in prices by 2.0-4.0 a kg in a whole season is natural but the price has increased thrice in the last two months by Tk 10-12 a kg which is unnatural.
Mr Kennedy said many rice traders in Naogaon, Pabna, Joypurhat, Dinajpur, Rangpur, Jashore and elsewhere in the country were directly involved in Awami League politics.
The home and commerce ministries should look into the matter immediately and start strict market monitoring to keep prices of rice within reach of people, he suggests. He said the government has reduced import duty to 15 per cent which is not enough following the global rice prices.
Prof Kennedy said only zero duty could encourage importers as minimum import cost would $530 a tonne or Tk 67-68 a kg.

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