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Sugar, cooking oil prices up

Refiners squeeze soybean supply as import costs rise

Star Report
Sugar and soybean oil markets have become unstable due to supply shortages, traders say.
Retailers yesterday sold a kilogram of loose sugar at Tk 61 to 63 -- up from Tk 60 to 62 a day before. As for packaged sugar, some retailers were charging up to Tk 68 per kg, increased from the maximum retail price of Tk 62.
Soybean oil edged up as refiners reduced supply to the market seeking the government to allow them increase prices due to a rise in import costs.
Price of a litre of loose soya bean rose by 6.34 percent toTk 108-110 yesterday from Tk 101-104 a month ago, according to the Trading Corporation of Bangladesh.
Depending on brands, a five-litre can of soybean oil was traded between Tk 580 and 585 from last month'sTk 560 and 570, retailers said. However, prices of palm oil remained steady.
"Companies have maintained a short supply in the market. They are delivering lower than the quantity we require," said Abu Taher, owner of Mukta Enterprise at New Market, yesterday.
"It appears the companies will increase the price,” he added.
Some refiners and wholesalers admitted reduction in supply of both the items. They claimed they are selling the edible oil at a price lower than their import and processing costs because of price hike on the internationalmarket.
Refiners also blamed a rise in the exchange rate of US dollar due to depreciation of taka. A hike in the bank interest rate also caused a rise in the import costs, they added.
Sugar prices climbed amid fall in supply as production stopped at some private refineries in recent days.
On Saturday, wholesale prices of unpacked soybean oil rose to Tk 4,250-4,260 per maund (37 kg) from last week'sTk4,140-4,150.
Wholesale prices of sugar also went up, said Abul Hashem, owner of Hasan Enterprise, an edible oil and sugar wholesaler at Maulavibazar in Old Dhaka.
Taher, who buys sugar from Maulavibazar, said wholesale prices of sugar advanced overnight. He added he bought a 50-kg sack of sugar at Tk 2,835 on Thursday. On Saturday, he bought the same quantity at Tk2,990.
Abul Hashem, also vice-president of Bangladesh Wholesale Sugar Merchants' Association, blamed poor supply of soybean oil and sugar by refiners for the spike.
"Supply remains fixed for both the items. We are not getting supply in line with the demand," said Hashem, also former general secre-tary of Bangladesh Wholesale Edible Oil Merchants' Association.
Mostafa Kamal, chairman and managing director of Meghna Group of Industries, said his company had to keep sugar refining shut for two days because of Prime Minister Sheikh Hasina's visit to Meghna's industrial complex.
He also blamed delayed shipment of raw sugar from the exporting countries due to long queue of vessels from other Muslim countries.
On soybean oil, Kamal said the production cost of local refiners increased due to high prices of the edible oil on the international market and rise in the exchange rate of dollar.
"Our minimum production cost stands at Tk 110 per kg. But we are selling below the price," he claimed, adding that import cost has gone up by Tk 5 a kg because of the rise in exchange rate.
According to the Bangladesh Bank, average exchange rate of US dollar rose to Tk 73.85 in June from Tk69.34ayearago.