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Rice prices rise further

Traders, millers blame each other

Sohel Parvez
Rice traders have raised the prices of the staple further in the last couple of days, cashing in on the hikes by millers after the national election, even though many of them have not bought the grains at new prices.
Traders said millers have increased the prices of rice by up to Tk 200 per 50-kilo bags regardless of quality after the polls on December 30 -on the excuse of supply disruption.
The Department of Agricultural Marketing (DAM) from Dhaka city showed the prices of fine rice rose 2.67 percent to Tk 52-63 per kilogram since January 10, when the food ministry sat down with millers and traders in the face of price spiral despite good production in the last three seasons and 11.79 lakh tonnes of rice stocks in the public warehouses.
The prices of medium-grain rice also went up 3 percent to Tk 42-46 each kg and coarse rice 4 percent toTk 36-40 per kilo since Food Minister Sadhan Chandra Majumder's assurance that the prices would not increase further.
Some millers and commission agents at the country's two main rice processing and trading hubs Khajanagar of Kushtia and Naogaon said they did not hike the prices of the grains after the election.
Millers are yet to cut down the prices, reports our correspondent from Kushtia, quoting Momin Mandal, chairman of Bottalia Union
Parishad, Kushtia. Khajanagar is situated under the union.
Despite steady prices at major hubs, many traders in the capital are selling previously purchased grains at higher prices.
Some retailers and wholesalers said many of them are not buying from millers at the increased rates and are waiting for the price cut.
"Millers are not reducing prices. So, we have not made any purchase," said Syed Monirul Islam Montu, general secretary of the Rice Wholesalers Association at Mohammadpur Krishi Market, the biggest rice hub in the city.
Abdur Rahman of New Modern Rice Agency at the same market said they bought fine quality rice miniket from another miller after one of the main millers demanded Tk 2,550, which is Tk 200 more, for a 50-kg bag after the election.
Millers have made quick bucks on the excuse of transportation problem during the election, said Dhiren Chandra Ghosh, owner of Madaripur Rice Store at the Mohammadpur town hall market.
Anisur Rahman, proprietor of Krishi Bhandar, a commission agent, echoed Ghosh.
"All have hiked prices on the excuse of the transportation problem during the election. This is unusual after a bumper aman crop," he added.
Rice prices rise further
FROM PAGE Bl
Last month, the Food and Agriculture Organisation (FAO) predicted a 4 percent rise in the production of paddy in 2018 because of higher plantings by growers and favourable weather. In 2018,5.36 crore tonnes of paddy, equivalent to about 3.53 crore tonnes of rice, are expected.
Some retailers bought rice in lesser quantities, said Mohammad Mostafa, manager of a rice wholesale store at Gopibaginthecity.
"Yet, they are selling at higher prices cashing in on the situation," he said, adding that his store also did not buy at a higher rate from millers.
Millers and traders had been shy about buying paddy prior to the election, said Chitta Majumder, managing director of Majumder Group of Industries, which owns rice mills. "All started buying as fears of uncertainty were over after the election. A higher demand pressure fuelled the prices of the paddy."
The prices of fine rice miniket have increased as the stock of the rice harvested in summer has depleted, Majumder added. The prices rose because of the supply chain disruption during the election, said Nirod Boron Saha, president of the Naogaon Dhan O Chai Arathdar Babshayee Samity, an association of rice wholesalers and commission agents.
"That was over after the election. Now the market here in Naogaon is stable, so it appears traders are taking advantage of the situation. There is no other reason behind the price spiral," he said on January 12.
The demand for paddy might have increased owing to aman rice procurement by the government, said Ghulam Rahman, president of the Consumers Association of Bangladesh.
"But it appears that some are taking advantage of it. The government should see if there is manipulation. If such, action should be taken to ensure exemplary punishment of the manipulator."
If there is a supply shortage, the government should intervene in the market through open market sales and other safety net mechanisms to increase supply, he added.