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Commodity prices still high

Jasim Uddin Khan
Prices of essential commodities, fast-moving consumer goods (FMCG) and industrial products did not come down on the local market although prices plunged on the international market in the last four months.
According to the latest price lists of National Board of Revenue, crude edible oil, milk powder, PVC (polyvinyl chloride) resin, stearic acid and other products' prices dropped over 50 percent on the international market in the last four months.
Data provided by Goldman Sachs Group Inc show that prices of both palm and soybean oils reached $1,236 and $1,422 a tonne respectively in March on the US market but slipped to $405 and
$620 in November.
But the price fall did not yield any clear result on the local market.
Five large industrial groups control more than 90 percent of 1.2 million tonnes annual consumption of edibleoil.
Most local entrepreneurs, however, hoped edible oil prices would come down significantly by January.
A senior City Group executive said the company had suspended importing new oil when its prices were volatile on the international market -- the reason his company could not readjust the prices.
"Some suppliers on the international market have shifted to another business, and banks abroad also kept a slow pace in funding against letters of credit for which local importers abstained
from procuring oil," the official added.
"We hope edible oil prices will fall by 30-40 percent by the first week of January," said Md Zahir Uddin, chief executive officer of Mostafa Group.
Mostafa Abid Hossain, a senior official of TK Group, said it would take more time to readjust the prices as the raw materials his company is using now were imported months ago.
Prices of milk powder are also high on the local market although its prices at bulk level saw a steep fall on the world market.
According to Fonterra Cooperative Group, the world's largest exporter of dairy products, milk powder prices dropped to $2,050 a tonne on the international market in November against the rate of
$3,480 a few months ago.
Prices1 of all petrochemical byproducts dropped sharply on the international market but the fall in prices could not cut local prices.
Prices of palm fatty acid, propylene copolymer and stearic acid --all used in producing soap, shampoo and other toiletries -- fell by 60 percent on (he international market in the last four months, but both local and multinational companies are yet to take any steps to lower prices.
Prices of PVC resin, a raw material used in making plastic and packaging items, went down 65 percent in die same period, but the price fall of the packaging materials yielded nothing in curbing prices of products.
jasim@thedailystar.net