Prices of aromatic rice varieties increased significantly ahead of two major religious festivals---Eid-ul-Azha and Durga Puja to be celebrated in the first week of next month.
Rising demand, increase in paddy price and continuation of export caused the hike, traders said.
The price of fragrant rice has increased by Tk15-Tk25 per kg across the country ahead of the festivals, retailers said.
Mohsin Ali, a retailer at the Chhapra Masjid Bazar at Azimpur area in the capital told the FE that among the fragrant rice, different varieties of Kalijira and Chinigura were sold at Tk110 to Tk120 per kg which was Tk80 to Tk95 ten days back.
He said: "The millers are charging higher rates attributing it to increase in paddy price".
Besides the capital, the price has also increased in fragrant rice-growing hubs including Dinajpur, Rangpur, Pabna, Sylhet, Jessore, Kushtia and elsewhere in the country.
Md Rafiqul Hoque, a trader at Dinajpur Sadar Upazila said the price of Chinigura variety has increased to Tk 90-Tk92 per kg in the mill gates in Dinajpur from Tk80-Tk82 two weeks back.
The rice variety is being sold at Tk95-Tk100 in Dinajpur retail markets, he said.
Demand has soared following the coming Eid and Puja, he said.
He also pointed out that the price surged significantly as exporters and agro processing industries have hoarded a significant quantity of rice.
The prices of other varieties including Kataribhog, Lalpaikka, Bangladeshi Bashmati etc have also marked a surge in the retail markets.
Bangladesh Auto, Major and Husking Mills Owners' Association (BAMHMOA) joint convener Shahidur Rahman Patwary (Mohon) told the FE only a few millers have aromatic variety of paddy.
The price of aromatic varieties of paddy increased nearly by Tk200-Tk350 per maund in a month, he said.
"People are consuming aromatic rice varieties which were grown during last Aman season and the supply has nearly come to an end," he said.
He also pointed out that agro-processing industries and exporters have hoarded a huge quantity of aromatic rice from Dinajpur and Rangpur regions in January-May period.
The stock of millers in Dinajpur district has almost been exhausted while retailers were forced to buy rice from outsiders in Chapainawabganj, Pabna and Kushtia which led to price rise.
Rice exporter Mohd Ishaqul Hossain Sweet said the country exported nearly 2,000 tonnes of aromatic rice in last one and half years.
He said the production of aromatic rice is nearly 3.0 million tonnes out of the country's total rice output of nearly 34.0 million tonnes.
After meeting the local demand, 100,000 tonnes of aromatic variety remain surplus and we can easily export one fifth of the volume.
Another exporter requesting anonymity said the export is continuing but most of the mainstream exporters are almost out of the business.
He said big agro-processing industries and traders with political linkages are getting the export opportunity.
"The businesses which are involved in both milling and exporting have hoarded a huge quantity of aromatic rice which is causing hike in price in domestic markets," he said.
He said seven big agro industries are holding 80 per cent of the market share of aromatic rice.
However, the government is thinking of extending the time for export of aromatic rice.
In this connection, the Ministry of Commerce (MoC) sent last week a proposal to the Ministry of Law for vetting, a MoC official said.
"The MoC has sought vetting from the Law Ministry about the time extension for aromatic rice export by another year. The MoC will take the decision in this connection after getting the Law Ministry's opinion," Saidur Rahman Selim, Deputy Secretary of the MoC told the FE.
The period of aromatic rice export may be extended up to June 15, 2015. Earlier, the office of the Chief Controller of Imports and Exports (CCIE) under the Ministry of Commerce (MoC) issued a circular extending the time for aromatic rice export, until June 2014, according to the ministry.
Pran-RFL Group sought permission from the MoC to export 1,000 tonnes of aromatic rice (chini gura) on May 26 last. Besides, several small traders also sought permission from the MoC to export aromatic rice earlier, ministry sources said.
A local leading processed-food maker has got export order of 400 tonnes of aromatic rice from some international buyers, they said.
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