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After onion, syndicate eyeing on increasing rice price


Published : 17 Nov 2019 09:19 PM | Updated : 03 Sep 2020 08:53 PM

Unscrupulous traders, after holding the buyers hostage through unbelievable price hike of onion, are now eyeing to increase the prices of rice, requiring the government to clamp down on any attempt of the vicious circle to keep the prices of rice within the buying capacity.

Despite the government’s claim of sufficient stock of rice, the concerned government quarters should come up with all measures to thwart any syndicate’s ill-design to make the rice market volatile.

Within a week’s difference, per sack rice price both in the retail and wholesale market increased by Tk 200-240 in the capital and other parts of the country. On the other hand, per sack rice price increased by Tk 150-200 in different mills at Naogaon, Kushtia, and Dinajpur.  

Market analysts said people can pass their days by reducing use of onion, but it will be difficult for lower and middle-income group people if rice prices soar further. Considering these groups of people they urged the government to take immediate steps to keep the rice market stable.

Consumer Association of Bangladesh (CAB) president Golam Rahman said this will be a horrific situation if the rice price goes beyond expectation. The government should stay alert against any syndicates.

After talking with different mills, retail and wholesale markets it was learned that all level traders are talking in the same tone  and showing the cause of season-ending.

Mill owners say, as paddy supply has reduced, hence the rice price is increasing. However, some wholesale businessmen rejecting their logic said, they are willingly creating this scarcity. The stock of Boro season’s paddy has not finished yet.

Based on their information, Minicat rice price is increasing rapidly. But, sources said, there is adequate Boro paddy stock, from which Minicat rice is produced.

Mill owners say, at present, they are purchasing per mound paddy at Tk 930-940 which was Tk 750 earlier. The price increased as the paddy supply decreased against the demand. At the mill gate, per sack Minicat rice price was Tk 1900, which is now Tk 2200 on average.

Rice price increased by at least Tk 4-5 in the capital’s Badamtoli, Karwan bazar and Mohammadpur Krishi Market. Badamtoli Rice Traders Association general secretary Nizam Uddin said, they have to purchase rice at a higher price, which is also affecting the local markets.   

Based on the market information, per kilogram (kg) Minicat price was TK 38-40 last week which is now TK 42-45, BR-28 and Lota rice is now Tk 30-31 which was Tk 28-29 per kg, Nazirshail is selling at Tk 54-56, which was Tk 50-52 last week.

Food minister Sadhan Chandra Majumdar, at a meeting on Sunday, said, “At present, the country has the highest stock of rice as compared to previous years. There is no logical reason for rice price soaring. We have strongly directed mill owners so that the price of this essential commodity remain stable”.   

“The government has purchased six lakh tonnes of rice from farmers. We are also looking at the farmers' interest”, he continued, adding that “The government purchased only seven percent of the total production”.